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Adviser complaints and upholds are down

Complaints against advisers fell by 19 per cent from 17,186 in the first half of 2009 to 13,994 in the second half, with uphold rates among the lowest of any type of firm, according to FSA figures.

The figures show that upheld complaints against personal investment firms, made up of IFAs, financial advisers and arrangers, were 31 per cent, down from 35 per cent.

Banks and building societies received 2,225,458 complaints, up by 107 per cent from 1,075,400. The uphold rate increased from 36 per cent in H1 to 47 per cent in H2.

The FSA says the increase has been caused in part by the backlog of bank complaints about unauthorised overdraft charges.

Just 11 per cent of overall complaints were caused by advising, selling and arranging disputes. Since August 1, 2009, when the FSA introduced new complaint reporting requirements, banks and building societies have paid £203m in redress.

Personal investment firms have paid out £15m and mortgage firms, including brokers, lenders and providers, have paid out £5m.

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