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FOS investment complaints against banks soar 80%

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Investment complaints referred to the Financial Ombudsman Service about the most complained about firms between January and June have soared 80 per cent since last year.

The FOS’s half-year data, published yesterday, shows there were 1,002 complaints relating to investment products and services made against the top five worst offenders.

Ranked by investment complaints, Lloyds Banking Group was again top of the list with 290 complaints. Last year it had 138 new cases brought against it over the same period.

Barclays saw new investment complaints jump from 138 in the first six months of 2014 to 290 this year.

In all the five most complained about firms received 1,002 complaints, up from 556 last year.

See table below for full stats.

However, there was a 13 per cent fall in top five most complained about firms ranked by life and pensions products.

Prudential Assurance topped the list, with 263, but this fell from 330 compared to the corresponding period last year.

Likewise, Phoenix Life, Aviva, Sun Life and Friends Life all received fewer pensions complaints than last year.

Across the top five, there were 1,083 complaints, compared to 1,247 last year.

The FOS only publishes data where it has received at least 30 new complaints and resolved at least 30 complaints over a six month period. There were 222 businesses featured in the list, of which 22 are included for the first time.

There was an 8 per cent rise in the number of overall new cases year-on-year, from 161,649 in the first half of 2014 to 173,994 this year.

Over half were in relation to payment protection insurance, although this has fallen 10 per cent compared to the last six months.

Top 5 firms by life and pensions complaints

Prudential Assurance 263, down from 330 in 2014

Phoenix Life 248, down from 327

Aviva 222, down from 230

Sun Life 178, down from 186

Friends Life 172, down from 174

Top 5 firms by investment complaints

Lloyds 290, up from 139 in 2014

Barclays 238, up from 138

Santander 183, up from 101

Bank of Scotland, 152 up from 86

HSBC 139, up from 92

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Comments

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

  1. Complaints against banks up 80% …. yet the FCA allow banks to authorise their own advisers as opposed to going through the process like all others and RDR2 will likely lean towards the banks….

  2. Christopher Petrie 26th August 2015 at 12:37 pm

    Mike, you are correct. The big gain of RDR was it scaled back bank “advice” greatly…but clearly still not enough.

    The risk is the latest advice review might let these charletons back in again…

  3. Added to the fines for various misdeeds, many of which are in fact criminal, not a great outcome for customers and shareholders alike. To think that they are perceived as the solution to the ” advice gap”

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