The number of complaints about advisers referred to the Financial Ombudsman Service has jumped 45 per cent over the last year from 2,857 to 4,139.
However advisers continued to account for fewer than 1 per cent of overall FOS complaints.
The FOS’ 2012/13 annual review, published today, reveals it received a total of 508,881 new cases in the year to the end of March, up a massive 92 per cent from 264,375 cases the previous year.
The FOS upheld 51 per cent of complaints against banks, compared to 70 per cent in the previous year. It upheld 42 per cent of complaints against advisers, down from 54 per cent.
The FOS ‘adviser’ category excludes banks and other tied advisers, as well as mortgage and GI brokers.
Payment protection insurance complaints rose 140 per cent from 157,716 in 2011/12 to 378,669 in 2012/13.
Complaints involving banks rose over 120 per cent from 173,166 to 386,750. Banks accounted for 84 per cent of PPI complaints, 69 per cent of mortgage complaints, 30 per cent of investment complaints and nine per cent of pension complaints.
Advisers accounted for 21 per cent of pension complaints, 14 per cent of investment and 2 per cent of mortgage complaints.
Overall the FOS paid compensation to consumers in 49 per cent of cases in 2012/13, compared to 64 per cent in 2011/12.
Plan Money director Peter Chadborn says: “The fact advisers account for so few complaints is all well and good, but it would be nice if advisers were regulated with that in mind.”