The number of complaints received by the Financial Ombudsman Service climbed by 49% in the second half of 2024.

Financial Planning network Rosemount Financial Solutions has accused the Financial Ombudsman Service of damaging advice firms by acting as a “quasi-regulator.”

Abby Thomas, CEO and Chief Ombudsman at the Financial Ombudsman Service, has exited the organisation this week in a shock departure.

The Financial Ombudsman Services will freeze case fees and levies for firms for the 2025/26 financial year.

The number of complaints received by the Financial Ombudsman Service climbed by more than 50% in the last three months.

The Financial Ombudsman Service (FOS) received 485 new complaints about wealth manager St James’s Place in the first half of 2024 - almost double the previous half year - despite total complaints for the pensions and investments sectors falling.

The Financial Ombudsman Service has reported a record 8,734 fraud and scam cases in just a three-month period this year, the highest ever quarterly level.