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Misleading advice complaints rise 19 per cent – IFA complaints fall slightly

Complaints about misleading advice have increased 19 per cent in the six months to the end of June, but complaints against IFAs fell slightly.

According to the FSA’s complaint data for the first half of 2009, firms received 207,967 complaints about poor advice, up from 174,916 in the second half of 2008.

Complaints against banks have increased 1 per cent from 1m to 1.01m, while complaints against advisers fell fractionally from 17,173 to 17,160.

The overall level of complaints has increased by 2 per cent, from 1.48m to 1.51m since H2, 2008.

Complaints about arrears handling rose from 27,697 in H2, 2008 to 39,181 in the first half of this year.

The proportion of complaints upheld by firms fell from 40 per cent to 38 per cent.

The FSA says this is largely attributable to a fall in the number of complaints upheld by banks.

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