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Barclays tops investment complaint

Barclays bicycles in London 480w

Barclays Bank received the most investment complaints in the first half of the year, FSA figures show.

Data published by the regulator last week shows Barclays Bank received 2,730 investment complaints in the six months to the end of June. Over the same period, 37 per cent of investment complaints were upheld by the bank.

Figures from the Financial Ombudsman Service, published last month, showed Barclays also generated the highest number of investment complaints that were referred to the FOS during the first six months of the year.

Santander received 2,524 investment complaints, Lloyds TSB received 1,791 investment complaints, Bank of Scotland had 1,735 investment complaints and Barclays Stockbrokers had 1,553.

Santander upheld 69 per cent of its investment complaints, Lloyds TSB upheld 37 per cent, Bank of Scotland upheld 58 per cent and Barclays Stockbrokers upheld 39 per cent.

The FSA’s complaints data only lists firms that have reported 500 or more complaints over a six-month period. The only two networks that were named were Sesame and Openwork. Sesame received 170 investment complaints and upheld 43 per cent while Openwork had 113 investment complaints and upheld 40 per cent.

Plan Money director Peter Chadborn says: “The FSA has at last acknowledged it is the sales culture and remuneration practices applied by large distributors such as banks that is the catalyst for inappropriate advice. But talk alone will not change anything unless banks are named, shamed and fined for poor investment advice complaints will not reduce.”

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