Banks are facing more than 50 times as many complaints as financial advisers, according to figures released for the first time by the Financial Services Authority (FSA).The aggregate complaint figures show how many complaints regulated firms have received and how they have dealt with them.
In the second half of 2008, banks received 988.702 complaints, more than 53 times as many complaints received by advisers, which received a total of 18,633.
The figures show the extent of consumer dissatisfaction with bank advice and support figures released earlier this year showing advisers are the most trusted of the financial services profession.
The figures show an upward trend in bank complaints, which increased 8% between the first and second half of 2008 compared to adviser sector, where complaints fell 5%.
Advisers also trumped bankers in the percentage of complaints that they handled, closing 20% of complaints they received, compared to just 11% of the complaints banks received.
Dan Waters, director of retail policy and conduct risk at the FSA, said the publication of the figures for the first time would help consumers better inform themselves of how the industry operated.
‘This is stage one of our drive to say more about how the industry handles complaints and builds on our recent proposals, currently out for consultation, about the publication of firm-specific data,’ he said.
We expect firms to treat customers fairly by dealing with complaints promptly and efficiently. We are focusing even more attention, particularly through intensive supervision, on ensuring that firms are dealing with complaints properly.'
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