With 659 individual complaints, the wealth management firm was among the most complained about according to the FCA, yet only a fraction of the complaints were later backed by the Financial Ombudsman Service.
Combined, St James’ Place Wealth Management and St James’ Place UK received 1,289 complaints over the period.
The firm hit headlines earlier in 2017 after Which? Magazine accused it of failing to explain charges and investment to customers in full.
In a statement, SJP said: “We take our client satisfaction very seriously and work hard to resolve any complaints raised by our clients. Whilst any complaint is a matter of regret, our total number of complaints is low when compared to our client base of nearly 600,000.”
Complaints increase
The FCA revealed 3.32 million complaints were recorded by firms in the first half of 2017, compared to 3.04 million in the second half of 2016.
HBOS Investment Fund Managers reported 504 complaints, from which 83% were upheld.
Legal & General Portfolio Management had more than half of its 510 complaints upheld and Cofunds had 610 with 67.9%.
Complaints related to advising, selling and arranging dropped from 59% in the first half of 2016 to 43% earlier this year.
General administration and customer service’ increased accounting for 27% in the first half of 2016, but 38% in the first half of 2017.
PPI victims receive £2m compensation
Payment protection insurance (PPI) remained the most complained about product and increased by 24% from 899,000 to 1.11 million, making up a third of overall complaints.
The total redress paid to consumers was just under £2m, 82% of which was for PPI complaints.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “We now require firms to report all complaints which gives us a fuller picture of where the industry might not be meeting customer needs. But even allowing for the change in reporting rules, and some progress made, the numbers are still significant.
“Firms need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”
Since June 2016, firms have been required to report data in a new way which has increased the number of complaints reported. This is the first half year in which all firms are reporting under the new rules.
