UK’s Financial Ombudsman Service (FOS) has revealed that complaints against independent financial advisers (IFA’s) have jumped up by 45 % over the last year from, 2,857 to 4,139.
The FOS ‘adviser’ category excludes banks and other tied advisers, as well as mortgage and GI brokers.
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However, advisers still account for just 1% of overall FOS complaints.
According to the FOS annual review, the proportion of complaints upheld against banks has dropped from 70% in 2012 to 51% this year. Banks accounted for 84% of PPI complaints, 69% of mortgage complaints, 30% of investment complaints, and 9% of pension complaints.
Advisers accounted for 21% of pension complaints, 14% of investment, and 2% of mortgage complaints.
However, investment products complaints have risen from 3,308 to 4,697, a jump of 42% over the last year.
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By GlobalDataThe number of claims related to payment protection insurance have risen by 140%, from 157,716 to 378,669 in 2013.
