FCA: Investment management complaints rise 23%

Complaints against investment management firms rose 22.8 per cent in the first half of 2015, according to FCA data.

Investment management firms saw complaints rise to 14,955 for H1 2015, according to the complaints data. Personal investments firms also saw complaints rise by 2.7 per cent to 22,648 in the same period.

There was a 4.5 per cent rise in complaints about investments. However, within this group complaints about structured products fell 51.5 per cent compared to the last six months of last year, while investment bonds saw a smaller drop in complaints of 0.5 per cent

The data shows a 21.8 per cent rise in complaints about banking and credit cards, despite a drop in PPI complaints.

Barclays Bank has once again topped the FCA’s table of most complained about firms, seeing a 2.4 per cent rise since the previous six months.

Barclays received the most complaints, at 283,221, followed by Lloyds Bank with 232,971 complaints. Bank of Scotland, Natwest and HSBC followed in the complaints list.

Matt Hammerstein, head of client and customer experience at Barclays, says: “We are working hard to not just meet but exceed the rising level of service that customers rightly expect from us. 

“We know that we have much more to do here and we are committed to improving key customer satisfaction metrics. However we are encouraged by how our customers have responded to the changes that we have made recently.”

Redress paid for banking and credit card products rose by 46.7 per cent to £212.4m, when compared to H2 last year. 

PPI complaints fell by 16.6 per cent compared to the second half of 2014, a consistent trend since 2012.

“While the ongoing fall in PPI complaints is welcome, this is the second half-year running that we have seen complaints about banking products rise. It is clear that firms need to look at the causes for this rise and where necessary take action to address the causes of the trend,” says FCA director of strategy and competition Christopher Woolard.