Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Hargreaves tops FCA's investments complaints list

8 Comments
Hargreaves tops FCA's investments complaints list

Hargreaves Lansdown has topped the FCA's list of consumer complaints in the investments category during the second half of 2013.

Barclays attracted the most complaints at a firm level over the same period, according to FCA data. Barclays attracted 310,000 complaints between July and December 2013, albeit a 17% fall on the first half of 2013. Lloyds came second with 257,000, representing a 1% fall on the previous half. MBNA was fourth with 213,000, down 10%, while the FCA received 181,000 complaints about Bank of Scotland, an 18% decrease on the first half.

Hargreaves, led by Ian Gorham (pictured), received just under 3,200 complaints between July and December 2013 concerning investments and was followed by Barclays Stockbrokers with 1,799. Santander was a close third with 1,791. Financial Administration Services was forth with 1,540 and HSBC came fifth with 1,480.

Skandia MultiFunds also made an appearance on the FCA's investments complaints list with over 500 opened during the second half, while TD Direct Investing also attracted over 800. 

On a positive note, total complaints filed fell 15% compared to the 2.9 million reported during the first half of the year.

Martin Wheatley, FCA chief executive, said: 'No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain. This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JP Morgan AM's Conte: why France is my biggest overweight

JP Morgan AM's Conte: why France is my biggest overweight

The European Smaller Companies trust fund manager is also finding opportunities within the European IPO market.

Brewin's Foster: running out of value with Sandy Nairn

Brewin's Foster: running out of value with Sandy Nairn

In this week's podcast, Guy Foster and Dr Sandy Nairn discuss caution towards the stretched valuations most stock markets today currently offer.

Play Colin McLean eyes disruptive potential

Colin McLean eyes disruptive potential

SVM's Citywire AA-rated manager says he is finding more opportunities within mid cap space.

Your Business: Cover Star Club

Profile: BRI plots growth via orphaned clients

Profile: BRI plots growth via orphaned clients

BRI Wealth Management hopes to capitalise on larger rivals’ inability to service smaller clients in the face of margin & regulatory pressure

Wealth Manager on Twitter