IFA compliants fall as banks soar - Niche Market Recruitment - Emu Consulting

Complaints to the Financial Ombudsman Service about IFA's have plumetted from 12 per cent of total cases in 2006/07 to just 4 per cent in 2007/08 while bank complaints rocketed.

The FOs annual review says this is linked to a sharp decrease in complaints about mortgage endowments, which fell by 70 per cent from 46,134 to 13,778.

Overall, the number of mortgage and banking disputes has more than tripled, with a record total of 123,089 new complaints, a 30 per cent rise.

Payment protection insurance complaints increased six fold, with most cases now relating to how policies were sold rather than rejected claims.

The FOs says over 95 per cent of businesses that fall under its umbrella recieved no complaints, while six of the UK's biggest financial services groups were involved in half of the total number of cases.