Sesame remains most complained-about advice firm

Top five firms see small rise in complaints

clock • 2 min read

Sesame has again come out top on the Financial Ombudsman Service's (FOS) most complained-about firms list, despite closing down its investment advice operation last year, according to the latest figures.

Sesame received 160 consumer gripes between January and June, double the amount of rival network Openwork, which came out second. The firm also saw the biggest increase in complaints in the period, having received 38% more claims in the first half of 2016 than in the second half of last year. Sesame, which used to be the biggest adviser network, closed its investment arm last summer following a two-year strategic review by parent company Friends Life. It had been subject to a string of regulatory interventions in the past. Today the firm operates a network for mortgage advisers only. ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

MPs question FCA's integrity in scathing report

MPs question FCA's integrity in scathing report

"Too often fails to perform its functions to a reasonable standard"

Sorin Dojan
clock 26 November 2024 • 3 min read
Most firms unable to meet bereavement claims performance levels: FCA

Most firms unable to meet bereavement claims performance levels: FCA

Call for improved bereavement handling times

Cameron Roberts
clock 22 November 2024 • 3 min read
Record-high receipts for IPT and employer NICs

Record-high receipts for IPT and employer NICs

HMRC data

Cameron Roberts
clock 21 November 2024 • 2 min read