Regulation  

FOS investment complaints outstrip previous year’s figures

The number of investment-related complaints in the 2012/13 financial year has already beaten the previous year’s total, according to the Financial Ombudsman Service (FOS).

The latest data from the Ombudsman showed that portfolio management, investment Isas and with-profits bonds have all attracted more complaints between April and December 2012 than in the whole of the 2011-12 financial year.

The FOS received 413 complaints about portfolio management in the final three months of last year, bringing its total for 2012/13 to 1,173 complaints, compared with 1,152 for the previous year.

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Almost 1,200 complaints relating to investment Isas have been received during the current financial year, compared with 904 in 2011/12.

In the same period the FOS upheld 53 per cent of portfolio management complaints it ruled on, but only 29 per cent of investment Isa complaints.

The breakdown of investment related complaints is as follows:

CategoryApril to December 2012Financial year 2011/12
Investment Isas1,196904
Portfolio management1,1731,152
Unit-linked investment bonds638856
With profits bonds584542