Barclays most complained about firm for investments

Barclays Bank had the most investment complaints referred to the Financial Ombudsman Service between July and December and had the highest proportion of investment complaints upheld against it.

For the six months to the end of December Barclays had a total of 337 investment complaints referred to the FOS. Over the same period the FOS upheld 51 per cent of investment complaints against the bank.
Bank of Scotland, part of Lloyds Banking Group, received the second highest number of FOS investment complaints with 229. Lloyds TSB, also part of Lloyds, had 206 investment complaints referred to the FOS, Santander had 190 investments complaints, HSBC had 180, and Royal Bank of Scotland had 147.

Barclays Stockbrokers, which saw 40 investment complaints referred to the FOS in the second half of last year, had 40 per cent of investment complaints upheld over the same period.

Interactive Investor Trading, which had 62 FOS investment complaints, also had an uphold rate of 40 per cent.

Santander had 38 per cent of investment complaints upheld, as did HSBC. Bank of Scotland had an uphold rate of 35 per cent and RBS 21 per cent.

The average uphold rate was 37 per cent across all investment complaints.

For adviser firms, Sesame had 67 new investment complaints that went to the FOS and St James’s Place had 32. Positive Solutions had 28 FOS investment complaints, Openwork had 24, Personal Touch Financial Services had just one.

The FOS has not provided investment uphold rates for adviser firms as it says the percentages would not be statistically meaningful.
Source: Natalie Holt Money Marketing 5th March 2013

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