News & Views

Archived content. For investment professionals only.

The fos strikes again but will it still be pete tong @ the FOS in 2016?

20 Jan 2016

2015 ended with a couple of really awful FOS stories to add to a raft of them over 2015

David Jones Financial Planning Limited was ordered by Ombudsman Louise Bardell to pay compensation to a client for unsuitable advice in relation to a discretionary managed portfolio he recommended had seen some 45 per cent increase between March 2009 and April 2011.

Surrey-based IFA firm Mitchell & Company has accused Ombudsman Keith Taylor of manufacturing a complaint creating an assumption that he would work for nothing in relation to advice given from 2008 in regard to a pension transfer.

With this in mind, and having done a number of FOS surveys since 2011, it would be good to get your views on the FOS in 2016, previous surveys have shown that

82% of respondents do not think FOS adjudications are fair
92% of respondents do not think that adjudicators have a solid industry understanding of the issues they adjudicate on
90% of respondents think that FOS rules place IFAs in a disadvantaged position from outset
97% of respondents feel that a claimant should have to produce relevant tangible evidence to support the claim they make before the case can be considered anda staggering two thirds of respondents have experienced false or manufactured claims in an attempt to gain compensation

What are your thoughts and experiences on the FOS in 2016? Please tell us now. Entries are anonymous and we will share the results with the press, the FOS and the FCA.

Email this article Print Share on Twitter Share on LinkedIn Share on Facebook Share on Google+


Not yet registered?

Please complete this form to join our community

Select your role:
Confirm Password


Panacea Surveys

Join the Panacea community

Join the Panacea community for free and recieve news, guides, whitepapers, event information, special offers and more!