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Sesame and Openwork top latest FOS complaints table

Well-known names in the advice market like Sesame, Openwork and St James’s Place have once again topped the latest complaints data as the number of complaints against financial planners has ticked up.

However, the proportion of upheld complaints against the most complained about advice firms fell in the first half of the year, according to Financial Ombudsman Service data.

The figures include financial services firms where the FOS received at least 30 new cases and resolved at least 30 cases in the six-month period from 1 January to 30 June.

There was a slight increase in the overall number of complaints made against advice firms from 816 in the second half of 2017 to 979 in the first half of 2018.

The average number of complaints the FOS upheld remained stable at 33 per cent for all advice firms.

Sesame was the advice firm that received the most complaints in the first half of the year followed by Openwork, St James’s Place and Hargreaves Lansdown.

FOS Sipp complaints almost double in 12 months

According to the FOS data, the proportion of upheld complaints for Sesame, Openwork and St James’s Place fell, while it remained unchanged for Hargreaves Lansdown.

Openwork saw the greatest decline in the rate of complaints upheld in favour of the consumer from 47 per cent in the second half of 2017 to 23 per cent in the first half of 2018.

The rate of complaints upheld against Sesame dropped from 32 per cent in the second half of 2017 to 12 per cent in the latest stats.

SJP saw the rate of complaints upheld against it fall from 29 per cent to 15 per cent.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Wow, the biggest account for the most! What a scoop!! To make this in any way relevant you would need to compare with client numbers and track trends by complaints per thousand clients (or similar).

  2. Only just over 1 in 10 upheld against Sesame is pretty good. Just shows the amount of shysters trying their luck with false claims through cmc’s. Only hope legitimate complainants don’t get dragged down the tubes with the false claims.

  3. What do the members of these outfits actually get for their money? These firms are supposed to look after compliance – evidently they are falling down on the job.

    Proof yet again that networks and outsourcers are just not worth the money. Direct is the only way to go.

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