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FOS reveals top 10 most complained-about firms

Lloyds Banking Group has topped the Financial Ombudsman Service’s list of most complained about financial services groups for the first half of the year.

LBG had the most complaints referred to the FOS between 1 January and 30 June with 27,745 complaints.

Barclays was the most complained about individual business with 24,457 FOS complaints.

Over the same period, the FOS upheld 74 per cent of complaints against Lloyds TSB Bank and 53 per cent of complaints against Barclays Bank. Complaints against both banks mainly related to payment protection insurance.

HSBC had 9,960 complaints referred to the FOS, credit card company MBNA had 9,613 complaints and Royal Bank of Scotland had 8,460.

Sesame had the most complaints out of the adviser firms with a total of 138 new complaints. Openwork had 100 new FOS complaints, St James’s Place had 47 new complaints, Personal Touch had 44 complaints and Positive Solutions had 40.

The FOS upheld 31 per cent of complaints against Sesame, 19 per cent of complaints against Openwork and 27 per cent of SJP complaints. It upheld 32 per cent of complaints against Personal Touch and 49 per cent of PosSol complaints.

Sovereign IFA director Mark Hibbitt says: “The image of banks has definitely taken a knock, which can only benefit advisers.”



Barclays leads FOS investment complaints

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MetLife exits fixed-term annuity market

MetLife has quit the fixed-term annuity market. The provider says the decision was made in response to historically low interest rates, which it says have prevented it from pricing the product competitively. A statement on MetLife’s website says: “I am writing to update you on changes to the Freedom Income Plan. “MetLife is committed to […]


Advisers slam MAS ‘free advice’ marketing campaign

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Zurich cuts 200 UK jobs as part of restructure

Zurich is announcing 200 job cuts as part of a restructure of its operations ahead of the retail distribution review, Money Marketing can reveal. Staff are being informed this morning that 200 jobs are to go across the business, which employs 1400 people, in sales and marketing, senior management, finance, risk, compliance and operations. The […]

Martin Foden discusses how convenience is affecting the construction of fixed income portfolios

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There is one comment at the moment, we would love to hear your opinion too.

  1. i and my wife suffered financial haressment from one of the so called st james place partners better known as pondlife place can you believe that the regulators can do nothing about this (fact) they say not there problem phone the police if anybody else suffers the same you know what to do i can tell it cost me £40.000 then i remembered sjp were spawned from allied dunbar better know in the industry as allied crowbar

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