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Only two advice firms make FCA complaints data

Only two advice firms, Sesame and Openwork, recorded enough complaints to make the FCA’s latest data on the most complained about financial services firms.

The figures from the FCA, published last week, show that Sesame received 1,646 complaints between January and June, down 20 per cent from 1,978 complaints against it during the previous six months.

Sesame upheld 19 per cent of complaints in the first half of the year.

Openwork saw its number of complaints fall from 710 between July and December last year to 566 in the first half of this year, with 20 per cent of complaints upheld.

The figures relate to firms which have reported over 500 new complaints within a six- month period.

The Financial Ombudsman Service publishes separate data about the complaints it receives where the initial complaint has been rejected by the business.

Personal Touch Financial Services, which had 523 complaints in the second half of last year, did not record over 500 complaints between January and June so it has been omitted from the data.

Of the 1,646 complaints against Sesame, 819 related to decumulation, life and pensions, 525 were about protection and general insurance, 192 related to investments and 108 were about mortgages.

Openwork had 382 protection and GI complaints, 86 investment complaints, 54 mortgage complaints and 44 decumulation, life and pensions complaints.

Thameside Wealth director Tom Kean says: “It would be beneficial to know the nature of these complaints – if they largely relate to administration, that is somewhat understandable as these are large firms but if they mainly relate to advice, this is a deeply worrying set of statistics.”

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