We publish a range of data separately to our annual data and quarterly data on financial products, and half-yearly data on financial businesses. This includes data published annually on complaints about independent financial advisers (IFAs).

Complaints about financial advisers

Following the 2016 Financial Advice Market Review, we’ve published a number of extra sets of data relating to complaints involving financial advisers. This page includes our latest data and, where relevant, the previous year’s figure for comparison.

New complaints about financial advisers

 

  2019/20 2018/19
New complaints  1,635 1,915
As a proportion of all complaints  <1% <1%
Complaints where the event being complained about happened more than 15 years ago  241 307
As a proportion of all complaints about financial advisers  15% 16%

Uphold rate for top five most complained-about products in complaints about financial advisers

  2019/20
  Complaints resolved Upheld
SIPPS 166  59%
House mortgages 91  21%
Occupational pension transfers 64  42%
Portfolio management 59  42%
Personal pensions 46  41%
Total 798  35%

Uphold rate for different complaint types about financial advisers

  2019/20 2018/19
  Complaints resolved Upheld Complaints resolved Upheld
Sales and advice 439  43% 678 41%
Administration 245  27% 396 35%
Other 114  24% 51 29%
Total 798  35% 1,125 39%

Resolved complaints where the event being complained about happened over 15 years ago

  2019/20 2018/19
  Complaints resolved Upheld Complaints resolved Upheld
Cases resolved on merit 103 30% 121 35%
Cases we couldn’t consider (for example, because of 6 + 3 time limit) 131 N/A 164 N/A
Withdrawn or abandoned by consumer 19 N/A 14 N/A
Total resolved cases 253 N/A 299 N/A