Trade association PIMFA, which represents 1,000 investment managers and financial advisers, has slammed proposals for funding the Financial Ombudsman Service (FOS).

The Financial Ombudsman Service has expanded its remit to include more small business and claims management companies, so called ‘ambulance chasers’.

The Financial Ombudsman Service (FOS) has reported it took on close to 93,000 new complaints in the period October-December.

The Financial Ombudsman Service has published guidance on what it expects from financial advisers who are advising on defined benefit (DB) transfers as the number of complaints mounts.