Financial Ombudsman Annual report.
Discussion
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.
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.
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.
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.
Gassing Station | Finance | Top of Page | What's New | My Stuff