The FCA has stripped Scottish adviser firm Craig Mitchell (FRN 624013), trading as Craig Mitchell Personal and Corporate Financial Planning, of its permission to carry out regulated activities after a string of unpaid FOS judgements.

The number of complaints made to the Financial Ombudsman Service about St James’s Place Wealth Management increased 194% year-on-year to 1,426 in the first half of this year.

Financial services firms received 1.85m complaints in the first half of 2025, a 4% increase from the first six month of 2024 when there were 1.78m complaints, according to new data from the FCA.

The Financial Ombudsman Service processed 68,000 new complaints between April and June 2025, a 9% fall year-on-year.

The FCA and Financial Ombudsman Service are to ‘modernise the financial redress system’ to closer align their complaint processes.

Complaints to the Financial Ombudsman soared by over 50% during the past year to top 305,000 - driven in large part by claims from professional representatives, including claims management companies.

Close to two thirds (61%) of complaints to the Financial Ombudsman Service about advisers are related to advice suitability, according to a new study.

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

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

The percentage of professional complaints about pensions and annuities to the Financial Ombudsman Service - including from claims management companies -  showed a surprise fall in the latest quarterly period, in marked contrast to a surge in professional complaints overall.