Of those surveyed, 58% said they thought FOS adjudications were currently not fair, while a further 25% described themselves as ‘unsure’, a survey by Panacea Adviser found.
Advisers were particularly concerned that the current system appeared to favour the complainant with a perceived greater burden placed on advisers to prove their innocence, with 86% stating they felt disadvantaged from the outset.
Nearly all of the respondents, 93%, said they should have the same right of appeal to the courts that complainants have.
The lack of punishment for speculative complaints from claims management companies which turn out to be false was raised a major concern. Advisers want to see FOS insist that proof of a policy be produced before the complaint is considered.
Derek Bradley, chief executive of Panacea Adviser, said: “Confidence in a fair and unbiased ombudsman service is the right of all who use or engage with it, however, judging by the results of the survey and many advisers’ expressed concerns, we are a long way from achieving this.
“It is our sincere hope that the results of this survey which we will circulate widely – provide everyone concerned with time to reflect on whether we have a ‘fit for purpose’ ombudsman service which treats everyone equally and, if not, what changes can be made to ensure this is the case in the not too distant future.”
Findings from the report will be discussed with the chief executive and chief ombudsman of FOS Caroline Wayman, Andrew Tyrie, chairman of the Treasury Select Committee and Martin Wheatley, chief executive of the Financial Conduct Authority.
