Sharp increase in intermediary complaints

The number of intermediary complaints lodged against IFAs have increased by 19 per cent to 24,458.

The number of intermediary complaints lodged against IFAs, advisers and execution-only intermediaries have increased 19 per cent from 20,713 in the second half of last year to 24,458 in the first half of this year.

Earlier this week, the FSA published data that showed the number of intermediary complaints against banks have stabilised over the same period, with a growth of 1 per cent from 1.27 million to 1.28 million.

Complaints related to mortgage firms, which also include brokers and mortgage lenders, increased 2.6 per cent from 29,245 to 30,014 over the period.

Life insurer complaints rose by 13.3 per cent from 42,192 in the second half of 2010 to 47,853 in the first half of this year.

The total number of intermediary complaints around financial services firms has increased by 3 per cent, from 1.8 million to 1.85 million.
With 848,357 complaints, general insurance and pure protection products, including PPI, made up 45 per cent of total complaints, while the proportion of complaints relating to banking products, including current accounts, savings products and credit cards, accounted for 43 per cent with 812,197.

Complaints about pension products made up 4.4 per cent of total complaints with 80,879, while complaints about mortgage products made up 3.6 per cent with 67,309.

The total number of complaints closed during the period decreased by 9 per cent, from 1.71 million to 1.56 million. The percentage upheld remained stable, increasing slightly from 49 per cent in H2, 2010 to 50 per cent in H1, 2011.

The total redress paid by financial services firms decreased by 11 per cent from £459m in H2, 2010 to £409m in H1, 2011.

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