FT Adviser has an article (letter) about advisers’ concerns about FOS. The writer, Chief Executive of Panacea, discusses many concerns. Of course some ordinary people taking a complaint to FOS are dissatisfied with the way their complaint is handled, and of course there is no independent appeal; but for financial advisers, it’s their jobs and careers at stake sometimes. The following comment is shocking, as are some of the results of Panacea’s own survey.
“Consumers absolutely have rights that should be strongly protected, but in doing so the adviser consensus seems to be that those rights would appear to be taking precedence over everything else.
Even, it seems – very worryingly – to the point that if a consumer complaint is not possible to uphold on the basis of evidence available and/or probability, another way is found.”
Advisers have been concerned about FOS for years and have started a petition recently, but, despite adviser concerns it has not had much support.