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FOS reveals most complained-about advice firms

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Sesame chief executive George Higginson

Sesame was the subject of most complaints to the Financial Ombudsman Service about adviser firms in the first half of the year, though only 20 per cent of Sesame complaints over the same period were upheld.

The latest FOS complaints data, published this week, shows there were 292 Sesame complaints in H1 2013 – a rise of 111 per cent from 138 complaints in H1 2012.

Openwork received 142 complaints while St James’s Place, Personal Touch Financial Services and Positive Solutions had 97, 88 and 62 complaints respectively.

Chase de Vere, which did not feature in the data last year, had 33 complaints. The FOS only publishes data where it has received at least 30 new complaints and resolved at least 30 over a six-month period.

In H1 2013, the FOS upheld 32 per cent of complaints against Openwork, 27 per cent against SJP, 20 per cent against PTFS and 39 per cent against Pos Sol. Chase de Vere had the most upheld at 65 per cent.

Lloyds Banking Group was the most complained-about business group overall, with complaints increasing by 366 per cent year on year from 27,745 to 129,293. Barclays received 44,223 FOS complaints. 

The FOS upheld 86 per cent of Lloyds complaints and 64 per cent of Barclays complaints.

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  1. It is good to shame the bad boys, but it would have been nice to see the other end of the table where those organisations that are putting the customer first get recognition.

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