Bank Advice Complaint Rulings Worst

Bank Advice Complaint Rulings Worst.

According to the Financial Ombudsman Service, they upheld nearly double the proportion of complaints against banks as it upheld against larger advice firms in the second half of 2011.

Data published by FOS this week, lists firms that have had 30 new and 30 resolved complaints between 1st July and 31st December.  It shows an average of 81% of complaints were upheld across the top 6 banks and for the 6 adviser firms, the average uphold rate was 44%.

Royal Bank of Scotland had the highest uphold rate of all the banks, with 93% of complaints upheld.  Lloyds Banking Group had the most complaints referred to the FOS, with 20,310 complaints.  The FOS upheld 87% against Lloyds TSB.

Between July and December, Barclays had 12,273 complaints, of which the FOS upheld 84% of cases, Santander had 6,202 with 55% being upheld by the FOS and HSBC had 6,190 complaints, with 80% being upheld.

Of the advisers, AWD Chase de Vere got 38 complaints and the FOS upheld 81%.   Aegon-owned Positive Solutions got 60 complaints and 70% were upheld.  The FOS received 140 complaints against Sesame, of which 36% were uphelf by the FOS, 50 against St James’s Place with the FOS upholding 27%.  They received 47 against Personal Touch Financial Services, of which 26% were upheld and 116 complaints against Openwork with 25% being upheld.