The FSA does not understand structured products with capital guarantees. Because it does not do product regulation, the market now faces a wave of complaints but with no proper basis for determining misselling.
read more Commentary by Stuart FowlerHigh Street banks dominate the first list of firms named and shamed by the Financial Ombudsman Service.
read more Commentary by Stuart FowlerIn a close parallel with a case I took to the Financial Ombudsman Service, it was reported last week that Lloyds TSB were required by the FOS to compensate an 87 year old widow with no investment experience to whom the bank sold a balanced fund, Discovery Solutions, in an expensive investment bond wrapper.
read more Commentary by Stuart FowlerMy interest in consumer protection (and self-protection), which is what got the No Monkey Business project started, was fed with three items in the last few days. They have aggravated my frustration that people who should know better are still not framing the public policy issues properly.
read more Commentary by Stuart FowlerConsumer complaints about investments have nearly doubled in the past year, according to the Financial Ombudsman Service’s annual review. Overall investment and pension complaints (now including mortgage endowment cases) jumped to 22,265 from 12,787 in 2007/08. Commenting on the report, Citywire’s ‘New Model Adviser’ forum singled out that ‘while the ombudsman recognised under performance of investments was a factor in some of these complaints, it said poor stock market conditions had exposed poor advice. In particular it identified a trend in complaints where financial advisers had not sufficiently considered clients’ tolerance to risk.’
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