There were 979 complaints about financial advisers in the first half of 2018, representing the first rise in two years.
Data from the Financial Ombudsman Service (FOS) has revealed that complaints about financial advice are on the rise. This is significant, as complaints had been falling for 24 months prior to the latest figures.
The 979 complaints that the FOS received from January–June 2018 represented a 20% increase on the 816 complaints in the second half of 2017. In total, the FOS received a staggering total of 201,600 new cases, a 22% increase on the last six months of 2017.
Complaints about life and pensions increased 17% to 3,764, while investment complaints rose 14% to 3,357.
The Financial Services Compensation Scheme has also reported soaring numbers of compensation claims related to Sipp advice from now failed firms.
Earlier this year, John Moret, who was a director of Provident Life when it offered its first Sipp 25 years ago, estimated there could be 10,000 Sipp related claims in the pipeline - but as many as 50,000 investors with potential grounds for complaint.
How can Smooth Law Commercial help
At Smooth Commercial Law, our team of experts have extensive experience in dealing with a whole manner of claims that arise from negligent and/or unsuitable financial advice. We are seeing more and more mis-sold financial claims.
Should you have a claim we can deal with your case and look to recover compensation for not just your loss of investment but also any adverse tax liabilities that you may now be facing as well.
You can contact our experienced team by calling 0800 051 2578 or by emailing firstname.lastname@example.org