Financial planning complaints rise sharply
Alison Maynard
Highly volatile markets coupled with declining investment returns have resulted in a significant rise in complaints to the Financial Ombudsman Service.
According to data presented to a Responsible Officers’ Forum by the new Ombudsman of Investments, Life Insurance and Superannuation within the Financial Ombudsman Service Limited, Alison Maynard, financial planning complaints have risen by nearly half, while complaints relating to managed investments have nearly doubled.
Financial planning related complaints rose from 156 in 2007 to 258 in 2008, while complaints relating to managed investments rose from 53 in 2007 to 124 in 2008.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
