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Santander worst for investment complaints

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Santander 480

Santander has emerged as the most complained about financial services firm for investment complaints for the second half of last year.

The Financial Conduct Authority has published data today which shows Santander received a total of 2,236 investment complaints between July and December last year, a 14 per cent increase on the 1,956 investment complaints it received in the same period in 2011.

Over the period it upheld 63 per cent of investment complaints, compared to an uphold rate of 57 per cent in the second half of 2011.

Barclays was the second most complained about firm for investments, with 2,151 complaints. Lloyds TSB received 2,009 investment complaints, HSBC had 1,695, and Bank of Scotland had 1,659.

Barclays upheld 43 per cent of its investment complaints, Lloyds upheld 39 per cent, HSBC upheld 41 per cent and Bank of Scotland upheld 59 per cent.

It emerged in February Santander was being investigated by the regulator over the quality of the bank’s investment advice after the FSA published a mystery shopping review into six major banks and building societies. The review found that in 11 per cent of 231 mystery shops advice was unsuitable, and in 15 per cent of cases the adviser did not gather enough information to ensure their advice was suitable.

Money Marketing revealed last month Santander had pulled out of investment advice, resulting in the loss of 724 jobs. It has set up a 150-strong “financial planning” arm to deal with existing customers.

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Comments

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

  1. Roman Duzinkewycz 15th April 2013 at 2:23 pm

    Not surprised at this result – I used to work for them and, having observed some advisers at first hand, they are under so much pressure, they are forced into taking some ‘short cuts’ so to speak. Take the management to task and make them pay for their disgraceful approach to ‘helping their clients’ – what a joke they are.

  2. I invested £500 in a ‘multi-manager’ GROWTH fund with Santander. I was never invited for a review, never received any info other than an annual statement and after 5 years it was worth £500 ! I took it out in 2012 invested it myself in a ‘monkey fund’ and made 17.5% in 12 months.

    I wouldn’t pay for advice again,

  3. Unfortunately, the very small percentage of advisors in this mystery shop has had a massive impact on a lot of their colleagues, which is highly unfair, I have had dealings with an advisor who is very passionate about his customers and providing a very high level of customer service. Such a shame to these type of individuals who clearly aim to make a difference. A great loss !!

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