investment services complaints

The FSA has released complaints data for the second half of 2011, with some well-known firms listed for failure to provide adequate investment services.

investment services complaints


Axa Wealth, Scottish Widows Unit Trust Managers and Legal & General Portfolio Management Service are among the investment-specific divisions to have let their parent companies down.

The regulator said the complaints included in the report are those that firms reported to it and are defined as any oral or written expression of dissatisfaction, whether justified or not, about the firm’s provision (or failure to provide) a financial service.

This alleges the customer has suffered (or may suffer) financial loss, material distress or material inconvenience.

But complaints need not be reported if they are resolved to the customer’s satisfaction by the close of play of the next business day.
The period covered is from 1 July to 31 December.

  • Aviva Life Services UK, which includes the Aviva Investors division, had 1,221 investment complaints opened, with 1,228 closed during the period and 91 closed within eight weeks. In total 45 complaints were upheld by the firm.
  • Axa Wealth saw 237 investment complaints opened and 232 complaints closed, with 47 complaints upheld by the firm.
  • Coutts & Co had 81 investment complaints opened, 68 closed, 81 closed within the eight weeks and 71 upheld by the firm.
  • HBOS Investment Fund Managers had 501 complaints opened, with 478, 95 closed within eight weeks and 70 upheld by the firm.
  • L&G Portfolio Management Services received 1,038 complaints opened, with 1,029 closed during the period, 99 closed within eight weeks and 62 upheld against the firm.
  • Scottish Widows Unit Trust Managers had 629 opened, 751 closed in the six-month period, 99 closed within eight weeks and 79 upheld by the firm.



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