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.
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.