FOS advisers’ qualifications criticised (again !)

A new article discusses the diverse qualifications of FOS staff, compared with the high qualifications required by professional financial advisers in the pensions industry.  This is a long standing criticism of FOS.

One IFA is reported as asking FOS if those dealing with him will hold particular qualifications.  The answer includes the following …(my italics)

“our adjudicators and ombudsmen do not give financial advice. Their role is to settle disputes between consumers and financial businesses. The technical, academic and professional experience of our adjudicators and ombudsmen are diverse. So we do not require our adjudicators and ombudsmen to hold specific qualifications.”  …….We do not require new and current employees to record their qualifications on our HR systems and therefore are unable to provide you with the percentage of adjudicators and ombudsmen who hold the qualifications you mention.”

Hmmmmmmm……As the author, Nick Bamford, says ” Why are we being judged by those less qualified than us?

Read the full article in Money Marketing
Another article disagrees !

Categories: FOS

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