FOS adviser complaints maintain regular

There have been 1,823 complaints to the Monetary Ombudsman Service about monetary advisers in 2022/23, the identical quantity because the earlier yr.

Monetary advisers have been recognized in 1% of all complaints, in keeping with new information launched in the present day.

The variety of new complaints logged with the ombudsman dropped 34% in 2021/22 following a excessive of two,774 complaints in 2020/21.

The proportion of complaints about monetary advisers the place the occasion being complained about occurred over 15 years in the past halved to 7% (from 14% in 2021/22).

General there have been 2,156 complaints about monetary advisers that have been resolved by the FOS in 2022/23, of which 41% have been upheld. This can be a slight improve from 2021/22 when of two,150 complaints resolved, 32% have been upheld in favour of the shopper.

Mis-sale and suitability of recommendation was the grievance space with each the best variety of complaints resolved (884) and upheld (62%).

There was additionally a excessive variety of complaints resolved for administration or customer support with 503 complaints resolved with an uphold price of 30%

Probably the most complained about merchandise in complaints about monetary advisers have been outlined profit transfers (to not a SIPP) with 399 complaints, of which 58% have been upheld. This can be a appreciable rise from the 92 complaints seen in 2021/22 of which 52% have been upheld.

The second most complained about recommendation product was private pensions with 337 complaints, of which 43% have been upheld.

Customary investments noticed 269 complaints in relation to monetary recommendation, with 41% of complaints upheld.

UCIS and different non-standard investments attracted 311 complaints, of which 64% have been upheld.

The ultimate most complained-about product in complaints about monetary advisers was shares and shares ISA, with 318 complaints of which 32% have been upheld.

Within the final monetary yr, the FOS acquired 165,149 complaints throughout all monetary providers in comparison with 164,560 complaints in 2021/22. It upheld 35% of the complaints it resolved, in comparison with 34% within the earlier monetary yr.

Abby Thomas, chief govt and chief ombudsman of the Monetary Ombudsman Service, stated: “Over the previous yr, the Monetary Ombudsman Service continued to assist a whole lot of hundreds of consumers who had issues with monetary companies on points throughout banking, lending, insurance coverage and investments.

“If customers have issues with their monetary supplier, they will come to our service with confidence that we’ll resolve their grievance pretty and impartially.”

Probably the most complained about merchandise have been present accounts the place 40% of 26,039 complaints have been upheld. Over half of those complaints have been about fraud and scams, and over a 3rd have been about administration and customer support.

There have been 7,953 complaints about investments and 6,043 about pensions.