Consumer complaints on the rise
Consumer complaints to the Financial Ombudsman Service (FOS) related to financial planning and managed investments are soaring in number, according to its latest statistics.
Recent FOS statistics reveal complaints over financial planning rose 114 per cent in the second half of last year over the corresponding 2007 half-year, from 173 in the 2007 half to 370 in the 2008 second half.
At the same time, complaints over managed investments increased by 168 per cent, albeit off a low base, from 70 in the 2007 second half to 188 in the 2008 second half.
Complaints over life insurance increased by 31 per cent in the comparative periods, from 201 in the 2007 second half to 263 in the 2008 second half.
Across all categories, including stockbroking, FOS received nearly 1,000 new complaints in the 2008 second half, close to double the number in the 2007 second half.
Alison Maynard, ombudsman for investments, life insurance and superannuation, said the strongly rising trend is continuing apace in 2009, as its "soon to be published" statistics for the quarter will reveal.
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