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Fos fails to consider adviser complaint evidence: Apfa

The director general of the Association of Professional Advisers warned he would be “monitoring the situation” and would raise it with Fos.

His comments came as Apfa published research conducted by NMG Consulting that revealed that 18 per cent of advisers have had a complaint against their firm referred to Fos in the past three years. Of these, 47 per cent said most cases found in the firm’s favour; a quarter said most were found in the complainant’s favour. A third of these advisers also said that Fos’ ruling did not take account of their evidence in all cases, and 8 per cent said the reasoning for the decision was not always provided.

Mr Hannant said: “It is positive to see that only a small number of advisers have had complaints referred to Fos, but it is worrying that advisers feel the ombudsman does not value the evidence they provide.”

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Right to reply

A spokesman from Fos said: “In every case we investigate, we consider the evidence provided by both parties before reaching a decision of what we think is fair and reasonable in the circumstances.”

Numbers

34% of advisers through Fos failed to listen

20% of advisers had a client complaint lodged with Fos