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Is the financial services complaints system broken?
Both consumers and firms cite flaws in the process but adding a further layer risks ramping up costs
By
Amanda Newman Smith
4
Shutterstock / Jane Kelly
If companies fall short of their customers’ expectations, those customers have a right to complain but the process needs to be fit for purpose.
Complaints about financial advisers and product providers are made initially to those firms, then escalated to the Financial Ombudsman Service (FOS). Complaints specifically about personal or occupational pension schemes can go to The Pensions Ombudsman (TPO).
Both organisations were established by parliament to provide free and impartial resolution of complaints as an alternative to the courts. Both have internal processes to go through if complaints are still unresolved but, after that, options are few and external scrutiny is limited. ....

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