Asset managers buck trend as financial services complaints reach record high

Investment product complaints just 2% of total

Complaints against providers of investment products in the UK declined for the second consecutive six-month period in the first half of 2018, bucking the trend for the wider financial services sector, which saw the fourth successive half year of complaints, leading to a new record level of 4.1 million.

The Financial Conduct Authority's (FCA) latest publication of complaints data, which firms are required to provide twice a year, shows investment products accounted for just 2% of all complaints in the first half of the year. FCA complaints data reveals worst asset management offenders Only 51% of investment products complaints were upheld in both 2017 H2 and 2018 H1, the lowest for any product group, while the amount paid out in redress fell from £35m in the second half of 2017 and £47m at the same time last year to just £27m in the first half of 2018. The average paid out per uph...