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Barclays tops list of FOS investment complaints

Barclays Bank had the most investment complaints referred to the Financial Ombudsman Service between July and December while Bank of Scotland had the highest number of mortgage complaints.

Barclays had a total of 337 investment complaints referred to the FOS over the six months to the end of December. The bank also had the highest proportion of investment complaints upheld against it, with 51 per cent of investment complaints upheld.

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.

For mortgage complaints, Bank of Scotland, part of Lloyds Banking Group, had a total of 1,087 mortgage complaints referred to the FOS between 1 July to 31 December. Over the same period, the FOS upheld 25 per cent of Bank of Scotland mortgage complaints.

Preferred Mortgages, which had 29 new mortgage complaints referred to the FOS in the second half of last year, had the highest proportion of mortgage complaints upheld against it with 58 per cent.

Hudson Green & Associates principal Ian Hudson says: “Banks have a dominant market position so they will always have high complaints volumes. But it may be their complaints handling process is so tough they are rejecting genuine complaints.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. The FOS falsely altered our complaint against Barclays to help them. Why would they do that?

    We had air-tight documentary evidence against Barclays of fraud yet the FOS wanted to protect the authorities from a major scandal of a cover-up.

    The FSA or SFO would not tell us why Barclays had not commited fraud. Strange what honest people will do for ‘market confidence’.

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