Fund management complaints remain low as customer redress shoots up

Investment complaints 2.1 per 1,000 products

Invesco and LGIM were among the few fund managers to feature among the most complained about financial services firms offering investment products in the first half of 2019, which saw the levels of redress paid to consumers jump by nearly 25% on the previous six months.

Financial Conduct Authority (FCA) data published on Thursday (17 October) found that just over 50% of all investment complaints were held up by the regulator in the first six months of the year, for an average redress of £894.47, up from £726.79 in the second half of 2018. Asset managers buck trend as financial services complaints reach record high Within the asset and wealth management world, fund supermarket Funds Direct was the most complained about, receiving 7.2 investment complaints per 1,000 client accounts. It was followed by Invesco Fund Managers and LGIM, with 4.8 and 4.5...