7,000 complaints a day

Complaints about regulated financial services firms have reached an average of 7,000 a day, according to new figures from the Financial Ombudsman Service (FOS).

Over the past year, complaints referred to the ombudsman had risen by 92%.

This was largely the result of more complaints about unsuitable sales of Payment Protection Insurance (PPI), which represented 74% of all complaints handled by the FOS.

Banks tend to be the main subject of these complaints.

The IFA sector was only responsible for 1% of total complaints in the year to the end of March 2013, despite being responsible for around 60% of advice provided.

It’s quite right to draw the conclusion from these figures that, if you want to improve your chances of receiving suitable investment or pension advice, go to an IFA rather than your bank.

If you are unhappy with the advice or service you have received from your adviser, in the first instance you should contact that firm with your complaint.

If the firm does not resolve your complaint to your satisfaction, you can (and should) refer it to the Financial Ombudsman Service.

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