Are advice firms reporting badly behaved peers to the FCA?
As rising costs often mean ‘good’ firms are hit by the fallout when others go bad
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As rising costs often mean ‘good’ firms are hit by the fallout when others go bad
It also logged a large increase in historical cases from over 15 years ago
Phoenix Group and The Share Centre take top spots for investments and pensions but show improvement
Learn how to assess and monitor the risk and impact of complaints
Companies complain that local requirements are costly and unnecessary
Phoenix and Share Centre most complained about for investments and pensions, respectively
Nearly 60% of self-invested personal pension complaints upheld
In a recent IFA survey, 83% thought the financial ombudsman treated them as “guilty until proven innocent”
Intrinsic Financial Planning has been ordered by the UK’s Financial Ombudsman Service (FOS) to compensate a client who says he was not aware of the charges that were applied to his pension on transfer.
Consolidator The Phoenix Group featured heavily in data from the UK Financial Conduct Authority that shows complaints about all financial services firms rose by 13% in the second half of 2017, driven by payment protection insurance (PPI) claims.
Complaints about advice companies made to the UK’s Financial Ombudsman Service (FOS) eased across the board in the second half of 2017, while Aviva and Barclays bucked the trend and saw complaints rise, according to updated figures.
More than half of the complaints around self-invested personal pension schemes (Sipps) passed to a financial ombudsman were upheld during the three months to 31 December 2017, making it one of most upheld areas of complaint.