FCA complaints data reveals worst asset management offenders

Alliance Trust Savings tops lists

Mike Sheen
clock • 2 min read

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...

To continue reading this article...

Join Investment Week for free

  • 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

Join now

 

Already an Investment Week
member?

Login

Trustpilot