The number of complaints against advisers jumped by 27 per cent in the first half of the year, FSA data shows.
Data published by the FSA this morning shows that between 1 January and 30 June the number of complaints related to personal investment firms, including tied financial advisers, IFAs and arranging intermediaries, went from 27,525 to 34,886.
Unlike the Financial Ombudsman Service, the FSA does not split out the number of complaints that relate only to IFAs.
Personal investment firms paid out a total of almost £31m in redress between January and June this year, up 17 per cent from £26.6m the previous six months.
Complaints about investment bonds dropped 7 per cent to10,126, compared to 10,885 complaints in the second half of last year.
But complaints about “other investment products or funds” rose 23 per cent from 5,838 to 7,208.
Personal pension complaints increased 7 per cent from 23,099 to 24,640. Complaints about investment-linked annuities shot up by 66 per cent over the last six months from 543 to 902.
Investment management complaints, including complaints about platforms, remained flat at 5,111 compared to 5,154 in the second half of last year. Complaints about structured products rose 34 per cent from 1,692 to 2,266, following a 40 per cent rise in the previous six months.
Of the 13,374 closed complaints against advisers in the first half of the year, 39 per cent were upheld, compared to 34 per cent of 9,041 adviser complaints resolved between July and December last year. The proportion of complaints upheld about investments remained flat at 45 per cent, while the proportion of complaints upheld about decumulation, life and pensions fell slightly from 44 per cent to 42 per cent.
Overall there were 3,577,599 complaints about financial services firms in the six months to the end of June. Of the total, 2,541,430 related to general insurance and pure protection, which was mainly due to payment protection insurance complaints. Banks and building societies accounted for 2,767,913 complaints.