Investment trusts received the highest number of complaints out of all investment products in the first half of 2017 on a contextualised basis, racking up 22.25 complaints per 1,000 client accounts, according to Financial Conduct Authority(FCA) data.
Administration and customer service made up 85% of complaints made against trusts, compared to 59% for investment complaints overall. The second highest category for investment complaints was structured products at 7.74 complaints per 1,000 clients, while 6.63 complaints were recorded for discretionary management services. A total of £47m was paid out in redress across investment products; the third highest amount after PPI and all banking and credit card products. FCA fines Merrill Lynch £34.5m for failing to report transactions Notably, St. James's Place Wealth Management saw ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
