MSE News: Spike in financial complaints revealed by FSA

This is the discussion thread for the following MSE News Story:

"The number of complaints about banks and other financial firms has risen to over 1.5 million during the first half of 2009 ..."

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Comments

  • dunstonh
    dunstonh Posts: 116,341 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Not only have the number of total complaints risen, but the proportion of those upheld by firms fell from 40% to 38%.

    The wording in that bit is a bit weird. "Not only...." would hint at more bad news but the number of complaints behind upheld has fallen.

    A fall in the number of complaints the FOS uphold is a good thing a it indicates there is less going wrong with the system.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • pinknico
    pinknico Posts: 3,261 Forumite
    It says upheld by firms ,NOT by the FOS.
    DS1 12/10/04
    DS2 13/07/06
    DD1 06/12/07
  • wizk1
    wizk1 Posts: 911 Forumite
    First Post First Anniversary
    dunstonh wrote: »
    The wording in that bit is a bit weird. "Not only...." would hint at more bad news but the number of complaints behind upheld has fallen.

    A fall in the number of complaints the FOS uphold is a good thing a it indicates there is less going wrong with the system.
    What's your point? The number of complaints upheld by the firms has fallen. That isn't exactly what I'd call good news.
  • A fall in the number of complaints the FOS uphold is a good thing a it indicates there is less going wrong with the system.

    Yeah right, a totally independent view from someone not working in the murky financial industry, not involved in selling policies, not receiving commission when selling policies and taking up to one years premiums, not taking trail commission...

    Just remind us what you do again for a living????? "Independent" Financial Adviser???? Your'e having a larf ain't you?
  • dunstonh
    dunstonh Posts: 116,341 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Yeah right, a totally independent view from someone not working in the murky financial industry
    Yes it is independent. I have no owners or insurer or bank saying what I should say. I am my own person. As it happens IFAs do only account for around 2% of complaints to the FOS despite them handling the marjority of regulated transactions. Even then only a third are upheld. Compare those stats to the banks.
    not involved in selling policies, not receiving commission when selling policies and taking up to one years premiums, not taking trail commission...

    So you dont earn any money from what you do then. How nice that you can work for free.
    Just remind us what you do again for a living????? "Independent" Financial Adviser???? Your'e having a larf ain't you?
    Whats that got to do with anything? What do you do for a living or are you on the dole?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • maxdp
    maxdp Posts: 3,873 Forumite
    Dunstonh has helped an awful lot of people on these FORUMS and his advice is much appreciated by a lot of people as you can see by the number of thanks he has received.

    He has always been totally professional.
    :mad:
  • di3004
    di3004 Posts: 42,579 Forumite
    maxdp wrote: »
    Dunstonh has helped an awful lot of people on these FORUMS and his advice is much appreciated by a lot of people as you can see by the number of thanks he has received.

    He has always been totally professional.

    I totally agree, cheers Dunstonh :T:T:T:beer:;)
    The one and only "Dizzy Di" :D
  • marshallka
    marshallka Posts: 14,585 Forumite
    And i third that one with dunstonh. (and all genuine thanks for useful posts too and not just tittle tattle like some of ours where 7 or 8 thank for just saying "hi everyone":o). Dunstonh posts with sound knowledge and helpful advice always.:beer:
  • marshallka
    marshallka Posts: 14,585 Forumite
    Yeah right, a totally independent view from someone not working in the murky financial industry, not involved in selling policies, not receiving commission when selling policies and taking up to one years premiums, not taking trail commission...

    Just remind us what you do again for a living????? "Independent" Financial Adviser???? Your'e having a larf ain't you?
    Tightwadman, I can understand your frustration if you have been fleeced but is there anything we can help you with on here perhaps. If there is just shout away (but not at us!! :eek:with us is better!!). If its PPI then plenty on here with good advice from a consumers point of view.;)
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