View more on these topics

Santander worst for investment complaints

Santander-700x450.jpg

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

Santander received 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 that Santander was being investigated by the regulator over the quality of the bank’s investment advice following a mystery shopping exercise. Santander pulled out of investment advice last month.

A Santander spokeswoman says: “Improving the service we offer at Santander UK to all our customers is our top priority.”

Plan Money director Peter Chadborn says: “The worrying thing is it takes a long time for anecdotal cases of poor advice to translate into these kind of complaints figures. Problems with advice on such a scale should be identified sooner.”

<!–
<!–
<!–
<!–

–>
–>
–>
–>

Recommended

3

Santander mortgage complaints rise by almost a third

Santander was the most complained about mortgage lender in the second half of last year, with a 29 per cent year-on-year increase in the number of mortgage complaints against the bank. Data from the Financial Conduct Authority, published today, shows the number of mortgage complaints against Santander rose to 14,080 between July and December 2012 […]

10

Advisers say RDR has added extra two hours to business processing time

Advisers say the complexity of placing business in the post-RDR world has added an extra two hours to the length of time it takes to process new business. Firms say issues such as weighing up the merits of clean versus existing share classes, battling providers to get answers to queries about adviser charging facilitation and […]

Transact picks Calastone for auto re-reg

<!– <!– <!– –> –> –> Transact has chosen fund transaction network Calastone to provide its automated re-registration service, a proposition which Calstone says moves the platform market closer to same day re-reg. The regulator requires platforms to offer re-reg, though it does not require that the process is automated. Not all platforms have automatic […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com