Ken Davy: Fos case gives ambulance chasers a field day

24 Feb 2016

Insistent client case ‘contrary to natural justice and common sense’.

As a general principle I have, over the years, supported the Financial Ombudsman Service (Fos) as a system which, while not perfect, generally enables complaints from consumers to be dealt with in a less costly and more effective way than through the courts.

Recently however, I have seen a case concerning an IFA with an unblemished record of 20 years, where the ombudsman’s decision appears so contrary to natural justice and common sense, it has shattered my confidence in Fos.

The case was one regarding insistent clients, which found against the adviser.

While not being about a final salary transfer, it has created a ‘red alert’ for other financial advisers regarding clients who want them to facilitate their exit from a final salary scheme. In essence, the message from Fos appears clear – whatever the facts the adviser is guilty.

 

Read the full article


The latest from SimplyBiz

26 March 2024

Mortgage Solutions: In conversation with Philip Daffern, Head of Lender Relationships at SimplyBiz Mortgages

Read more >

21 March 2024

SimplyBiz announces major tech upgrade for member firms

Read more >

21 March 2024

FIBA UK, part of SimplyBiz, adds Foundation Home Loans to lender panel

Read more >

12 March 2024

Fabian Wiesner: This time it's different...or is it?

Read more >