The Financial Ombudsman Service (FOS) received 979 complaints about financial advisers in the first six months of 2018, representing the first time complaints about advisers have risen in two years.
The 979 advice complaints the Ombudsman received in 2018 H1 represented a 20% increase on the 816 FOS dealt with in the second half of 2017. Every product sector experienced a rise in complaints from 2017 H2 to 2018 H1, the Ombudsman said.
Complaints about advice had been falling for 24 months prior to the latest figures from the Ombudsman. It received 1,189 complaints about advisers in the first half of 2016 and 1,044 in the second half of the year.
In 2017, the amount of complaints dropped again to 966 in H1 and then 816 in the second half of last year, before they shot back up to 979 in 2018 H1.
In total, the Ombudsman received some 201,600 new cases between January and June this year, which was a 22% increase on the last six months of 2017.
Complaints about life and pensions increased 17% to 3,764, while investment complaints rose 14% to 3,357.
The most complained about advice firms were Sesame, Openwork and St James's Place (SJP), with Sesame retaining its spot once again as the most complained-about advice firm, receiving 103 complaints at an uphold rate of 12%.
Openwork received 66 complaints, 23% of which were upheld in the consumer's favour, and SJP had 15% of 57 complaints upheld.
Staff are your responsibility
More than 4,500 retail investors affected
Paid out £54m in related compensation
Changes to take place by next year
Still under-serviced area of sandbox