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Barclays most complained about firm for investments

Barclays bicycles in London 480w

Barclays Bank had the most investment complaints referred to the Financial Ombudsman Service between July and December and had the highest proportion of investment complaints upheld against it.

For the six months to the end of December Barclays had a total of 337 investment complaints referred to the FOS. Over the same period the FOS upheld 51 per cent of investment complaints against the bank.

Bank of Scotland, part of Lloyds Banking Group, received the second highest number of FOS investment complaints with 229. Lloyds TSB, also part of Lloyds, had 206 investment complaints referred to the FOS, Santander had 190 investments complaints, HSBC had 180, and Royal Bank of Scotland had 147.

Barclays Stockbrokers, which saw 40 investment complaints referred to the FOS in the second half of last year, had 40 per cent of investment complaints upheld over the same period.

Interactive Investor Trading, which had 62 FOS investment complaints, also had an uphold rate of 40 per cent.

Santander had 38 per cent of investment complaints upheld, as did HSBC. Bank of Scotland had an uphold rate of 35 per cent and RBS 21 per cent.

The average uphold rate was 37 per cent across all investment complaints.

Barclays managing director of customer service Paul Maddox says: “In the last six months we have seen significantly fewer customers feeling the need to complain about our services. However it is obviously disappointing we have given some of them cause to refer to the ombudsman.

“We recognise the overall figures are not acceptable and whilst there are no quick fixes, we are already re-doubling our efforts and working hard to reduce the need for referrals in 2013.”

For adviser firms, Sesame had 67 new investment complaints that went to the FOS and St James’s Place had 32. Positive Solutions had 28 FOS investment complaints, Openwork had 24, Personal Touch Financial Services had just one.

The FOS has not provided investment uphold rates for adviser firms as it says the percentages would not be statistically meaningful.


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. “The FOS has not provided investment uphold rates for adviser firms as it says the percentages would not be statistically meaningful”.

    That would mean we could actually see how many spurious and unwarranted claims were dismissed against IFA firms compared to tied banks and others

    Transparency would be too much to ask wouldn’t it.

    It might show a fundamental flaw in the reasons for RDR and the commission ban and the ruination of the IFA sector so obvious in the FSA figures showing how many IFAs are getting out of this industry

  2. Is it surprising that if you stop advice, sell your investments to a third party and leave clients in the lurch, not being able to access the adviser service they were and are paying for, that the complaint level goes up?
    This is a prime example of a bank not even realising what responsabilities it has to its clients. Most plans were reasonable, but the long term service promised was pants.

  3. Hmmm… I’m sure the uphold rates for advisers would have to be provided if an FOI request was submitted. Then we could make our own mind up.

    Perhaps Money Marketing would like to find out? Would be good info and a good story…

  4. Julian Stevens 6th March 2013 at 9:19 am

    In the context of the many tens, possibly hundreds, of thousands of investments that Barclays must sell every year, 337 unsatisfactorily resolved complaints referred to the FOS is pretty small beer.

    Without knowing what proportion of the total number of complaints against Barclays that this represents, a figure of 337 is pretty meaningless ~ it might be no more than a tiny percentage of all the complaints that were either resolved satisfactorily or rejected without challenge.

    I’m not saying this is the case, just that without the full picture, a figure of just 172 referred and subsequently upheld complaints doesn’t really tell us much.

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