ATS and Phoenix top FCA complaints data

Phoenix Group, Alliance Trust Savings, Zurich, and Old Mutual Wealth are amongst the most complained providers in the latest FCA complaints data.

A total of 3.76m complaints were received by the FCA during the second half of 2017, up 13 per cent on the first half of the year.

Alliance Trust Savings is the most complained about decumulation and pensions, with 26.4 complaints per 1,000 client accounts in the regulator’s breakdown.

Also in the top 10 are Phoenix Life Assurance with a complaints average of 4.62, HSBC Bank with 3.3 and OMW with 2.87. Phoenix Group’s Phoenix AW figure of 2.71 per 1,000 also makes the top 10.

Standard Life Aberdeen sells insurance arm to Phoenix in £3bn deal

Phoenix Life Assurance was also the highest complaintive for investments, with 77.18 complaints per 1,000 client accounts, ahead of Phoenix Life with an average of 25.01.

Alliance Trust Savings saw an average of 14.1 complaints per 1,000 client accounts, while Zurich Assurance saw 5.49. Scottish Widows under the Lloyds Group rounds out the top 10 with an average of 5.18 complaints.

A Phoenix Group spokesperson says: “Ensuring customers receive the right outcomes from their complaints is the most important measure for us.”

A four-year high level of complaints about PPI at 1.55m is a 40 per cent increase on the first half of 2017.

FCA executive director of strategy and competition Christopher Woolard says the regulator encourages consumers to decide whether they want to claim and to make the claim as soon as possible if so.

He says: “We are continuing to monitor and challenge all firms to ensure they maintain the expected standards and are delivering on their commitments to make it easy for people to complain about PPI.”

The most complained about products aside from PPI are current accounts, with 509,047 complaints and then credit cards with 314,586 complaints.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. And Phoenix are the firm Standard Life have decided to flog their legacy business off to………doesn’t bode well for all of those clients does it?!

  2. Phoenix ( both parts). Disgraceful results, however for at least 15 years they seem to have been untouchable as far as the regulator is concerned. Could this be because Tiner is one of their big bananas?

    • Phoneix for us have just completed a month of TCF principle 6 breaches for one of our clients. Bearing in mind all our calls are recorded and we suspect tehya re going to try and reject the complaints, they are going to make very interesting lisenting when they get sent to FOS.
      I might even see if the client is happy to give us permission to redact personal data/sections and put them on the internet for all to hear how useless they are.

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