FCA complaints data reveals worst asset management offenders

Alliance Trust Savings tops lists

The Financial Conduct Authority (FCA) has revealed the extent of customer complaints levelled against asset management firms in the second half of 2017, with Alliance Trust Savings, Invesco and Hargreaves Lansdown featuring high on the list.

The UK regulator has released data, which firms are required to provide twice a year, that shows £35m was paid out to customers using investment products in the second half of 2017, with an average of £916 paid in redress for each complaint. FCA eyes enforcement shake-up For investment products, this marked an improvement from the first half of 2017, when the total paid out in redress was £47m, representing £1,364 per complaint. Among the big asset management names, Alliance Trust Savings, received 14.1 complaints per 1,000 customers, with 81.5% of those complaints upheld by the re...