Towry, Norwich & Peterborough Building Society and AWD Chase de Vere are blaming their poor complaint records on legacy business.
Data published by the Financial Ombudsman Service this week reveals that between January 1 and June 30, Towry and N&P each had 92 per cent of complaints upheld.
The average uphold rate for all financial services firms was 47 per cent.
N&P had 394 new complaints, of which 351 related to investment advice, while Towry had 140 new complaints, with 138 concerning investment administration.
In April, the FSA fined N&P £1.4m for giving unsuitable investment advice about Key-data products.
An N&P spokesman says: “Almost 90 per cent of our complaints were related to the Keydata issue. If these are taken out of the equation, the percentage of complaints upheld is around 25 per cent.”
Between July and December 2010, Towry had 97 per cent of complaints upheld. A spokeswoman says the complaints reflect Towry’s acquisition of Edward Jones in 2009.
She says: “Following the acquisition, a number of clients wished to transfer their assets to alternative advisers in-specie. The vast majority of these complaints relate to the extended transfer period.”
AWD Chase de Vere had 61 new complaints and 70 per cent were upheld while Aegon-owned Positive Solutions had 41 new complaints and 63 per cent were upheld. Sesame had 76 new complaints and had 56 per cent upheld and Openwork had 57 new complaints and 43 per cent were upheld.
AWD head of communications Patrick Connolly (pictured) says: “The vast majority of complaints we get are legacy issues relating to investments several years ago.”
Sesame says the number of new complaints represents a “very small” proportion of business written.
Positive Solutions and Openwork were unavailable for comment.