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 probe firm refused planning permission after promising investors 8% returns from Essex development

FCA probe firm refused planning permission after promising investors 8% returns from Essex development

One of a string of ‘fixed rate return’ investments offered by Moneda Capital

Jen Frost
clock 17 October 2025 • 5 min read
FCA looking 'much more closely' at how firms manage private markets transition risks - Nike Trost

FCA looking 'much more closely' at how firms manage private markets transition risks - Nike Trost

Upcoming review of conflicts of interest

Katrina Lloyd
clock 16 October 2025 • 7 min read
FCA pushes on with tokenisation remit

FCA pushes on with tokenisation remit

Set out plans to support initiative

Eve Maddock-Jones
clock 15 October 2025 • 2 min read