Read it Now: Rowanmoor faces complaint surge & FCA 'dragging' heels on PII

Read it Now: Rowanmoor faces complaint surge & FCA 'dragging' heels on PII

Self-invested personal pension provider Rowanmoor is facing hundreds of complaints at the Financial Ombudsman Service relating to a troubled offshore property asset held by clients in their Sipps.

The Fos said it has received 400 complaints related to Sipp due diligence involving Cape Verde-based property scheme The Resort Group. Of these, the ombudsman said, the "vast majority" are against Rowanmoor.

The ombudsman is processing a number of sample cases first in the hope it will speed up the process for the remaining claims.

Also within Financial Adviser this week advisers responded to comments from the new Financial Conduct Authority chief executive Nikhil Rathi that professional indemnity insurance problems would take two to three years to fix. 

Responding to comments made by Mr Rathi at a Treasury Select Committee meeting earlier this month, advisers claimed this timeline was far too slow considering the urgency of the problem.

Martin Bamford, head of client education at Informed Choice, said: "It simply isn't good enough for the FCA to drag their heels over these critical issues."

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Simoney Kyriakou