Financial Ombudsman Annual report.

Financial Ombudsman Annual report.

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Ginge R

Original Poster:

4,761 posts

218 months

Tuesday 19th May 2015
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Interesting reading.

http://www.financial-ombudsman.org.uk/publications...

Gratifying to see that IFA form such a low proportion (1%) of total complaints. I wonder how that compares though, pro rata, to the 75% of complaints which are attributable to banks, when scale is taken into account.

Simpo Two

85,147 posts

264 months

Tuesday 19th May 2015
quotequote all
Well I'll see if I can get that up to 2% hehe

ellroy

7,005 posts

224 months

Tuesday 19th May 2015
quotequote all
Good and fair point Ginge.

Also, when comparing the capability of areas for complaint. I can't imagine many IFAs can screw up a direct bit for example.

Ginge R

Original Poster:

4,761 posts

218 months

Wednesday 20th May 2015
quotequote all
A quick skim reveals the IFA sector has something like 80% of distribution to the public, and a 30% complaint uphold rate. Banks have smaller distribution these days and a far higher uphold rate. So much worse (it seems).

It looks like caravan insurance created many furrowed brows over the past year too ("missold caravan insurance.. contact us now") as did the ever nebulous 'wealth management', payday loans, online brokery, derivatives and drawdown and annuities. I resent paying so much in my FCA and indemnity fees though - paying for all the scuzzy Del-boy chancers and financial cowboys who will quite happily simply sell an incredibly product on and walk on to the next mug/punter?

If I arrange a £100 per month ISA, I must create an audit trail as long as your arm. I don't mind doing it, it's part of the job and I enjoy the satisfaction of benefiting someone. It costs me a fortune though.. that though, is my cost of doing business and I have to suck it up. It does mean though, that more and more people can't access the kind of advice that I (and other really good - and much better - practitioners) enjoy giving.

I could go to the doctors and in 20 minutes be prescribed a pretty lethal cocktail of drugs from someone with a rudimentary understanding of my language with only a few pecks at a database - or go to my local Lambo dealer and pick up a £200,000 beastie and with not even a nod to the suitability of the buy. Rant over, where's the coffee.

Simpo Two

85,147 posts

264 months

Wednesday 20th May 2015
quotequote all
Ah but the buyer is not expecting the Lambo to provide him with enough money to live on in his retirement...

It is a worrying concept though, that a dealer could only sell you a car that matched your risk/reward ratio. I suppose to get the Lambo you'd just lie on the questionnnaire!

Ginge R

Original Poster:

4,761 posts

218 months

Friday 22nd May 2015
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And given the gay cake saga this week, I can no longer turn away Newcastle fans. Gutted.

At least the Lambo would give you a roof over your head. Albeit a low one.

ellroy

7,005 posts

224 months

Friday 22nd May 2015
quotequote all
Funny, Ginge, I didn't have you down as one of the great unwashed nation from the small town in Durham.

You can spell and some of your points are intelligent and quite lucid.

You hide it well.

Ginge R

Original Poster:

4,761 posts

218 months

Friday 22nd May 2015
quotequote all
A Mackem not by birth, but by virtue of the fact we spanked Leeds's ass in 73. I was impressionable, and as our form has demonstrated over the subsequent 42 years, a masochist.