FTAdviser.com - Whistleblower claims FOS adjudicators risk rushing complaints: "He said: 'The more cases they can close the more they get paid. There is a conflict of interest.'
According to the whistleblower, a complex investment complaint could take an adjudicator as much as a whole week to investigate, while others could take five or six hours, but he stressed that paying on a case-by-case basis introduced 'risk' into the process."
The Financial Ombudsman Service can make awards of up to £100,000 which are unappealable. This is in itself immoral but as many complaints are about advice provided more than two decades ago, how can anyone expect this 'free' service to instill confidence in IFAs?
A radical overhaul is overdue, we can't accept Lord Hunt's report because it wasn't truly independent.
Evan Owen
The IFA Defence Union
www.ifadu.co.uk
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