Sesame was the only advice firm to appear in the Financial Conduct Authority's (FCA) latest complaints data, with St James' Place dropping off the list.
Sesame, which closed its network for investment and pension advisers in 2015, received 95 complaints about decumulation and pensions, with 48% being upheld, and 231 about investment advice, with 35% being upheld. It also received a number of complaints for home finance and protection.
St James' Place, which had received 640 pensions and decumulation complaints in H1 of 2016, according to the FCA, did not appear on the complaints tables for the second half of the year. The regulator only publishes data for firms that receive 500 or more complaints in the six-month period.
Under new complaints rules implemented in 2016, financial services firms have longer to resolve complaints less formally and now have three days to deal with a complaint to the customer's satisfaction, up from the previous ‘next business day' limit. However, all complaints are now recorded in the FCA's data.
Prudential again topped the decumulation & pensions complaints, receiving 7,993, at a rate of 2.3 complaints per 1,000 accounts, in the second half of last year. Friends Life, Scottish Widows, Aviva Life and Royal London followed to round up the top five.
Hargreaves Lansdown Asset Management received 888 investment complaints in the second half of 2016, 41% of which were upheld, and 135 decumulation and pensions complaints at an uphold rate of 36%.
To put Hargreaves' complaints into context, the firm received 0.5 complaints per 1,000 accounts in the investment and pension & decumulation categories.
Alliance Trust Savings and Cofunds also made it onto the regulator's tables, receiving a total of 1098 and 557 complaints respectively.
Alliance Trust Savings received 289 decumulation & pensions complaints with 65% being upheld and 809 investment complaints at a 45% uphold rate. In context, it received 21.6 complaints per 1,000 accounts for decumulation & pensions and 10 complaints per 1,000 for investments.
Cofunds received 110 pensions & decumulation complaints (87%) and 447 investment gripes (63%). This represents 1.6 gripes per 1,000 accounts in pensions & decumulation and 0.2 complaints per 1,000 for investments.
FCA executive director of strategy and competition Christopher Woolard said: "Consumers want a simple way to complain that does not leave them out of pocket. And they want to be assured that their concerns will be dealt with fairly and quickly.
"These data will provide us with improved intelligence on complaints including new detailed data to show where industry is potentially failing consumers at product level."
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