FOS advice complaints drop as Sesame tops pile once more

1,044 complaints against advisers in six months

Tom Ellis
clock • 2 min read

Complaints against financial advice firms dropped in the second half of 2016 while Sesame remained the most complained-about adviser business, according to the Ombudsman's latest figures.

Financial advisers received a total of 1,044 complaints between 1 July and 31 December 2016, the data from the Financial Ombudsman Service (FOS) revealed - a 12% drop on the 1,189 received in the first half of the year. Despite closing down its investment advice operation last year, Sesame Ltd received 104 complaints in the second half of 2016, at an uphold rate of 23%. This is significantly lower than the first half of the year, however, when it again topped the pile with 160 complaints. Openwork again came second to Sesame, with 70 complaints at an uphold rate of 20%, while St James...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA commits to fast authorisations to boost finance sector

FCA commits to fast authorisations to boost finance sector

The regulator’s latest business plan highlights this focus

Sahar Nazir
clock 19 March 2024 • 1 min read
FCA to invest £1.9m in supporting clients with investment decisions

FCA to invest £1.9m in supporting clients with investment decisions

The regulator’s 2024/25 business plan outlines new initiative for investment

Sahar Nazir
clock 19 March 2024 • 1 min read
FCA's Rathi: Fair value is not 'Trojan horse' for price regulation

FCA's Rathi: Fair value is not 'Trojan horse' for price regulation

'Move away from prescriptive rules, beloved of compliance consultants’

Jenna Brown
clock 14 March 2024 • 4 min read