CliveH Posted April 11, 2014 Share Posted April 11, 2014 The FCA has released its data on the firms that were most complained about. Hargreves Lansdown came first – but to be fair to them this seems to be mainly due to their overpromising clients re Royal Mail share availability. Like some others, HL did not seem to grasp the fact that if oversubscribed the minimum became the maximum. Interestingly only 4% of complaints were upheld. Compare that to:- Barclays Bank is in second place – hardly surprising. What is significant is that 62% of complaints were upheld Santander in third place – no surprise there at all – given the enormous fine Santander recently received for appalling advice! HSBC in fourth place And in fifth place – Prudential. Disappointing for me to see the dear old Pru in the top five (or anywhere near it really) – the figures would suggest that it is due to its sheer size. Certainly the percentage of complaints upheld was significantly less than that for the three above but about double that of HL. Link to comment Share on other sites More sharing options...
Guest Peter James Posted April 13, 2014 Share Posted April 13, 2014 CliveH - 2014-04-11 3:14 PM The FCA has released its data on the firms that were most complained about. Hargreves Lansdown came first – but to be fair to them this seems to be mainly due to their overpromising clients re Royal Mail share availability. Like some others, HL did not seem to grasp the fact that if oversubscribed the minimum became the maximum. Interestingly only 4% of complaints were upheld. Compare that to:- Barclays Bank is in second place – hardly surprising. What is significant is that 62% of complaints were upheld Santander in third place – no surprise there at all – given the enormous fine Santander recently received for appalling advice! HSBC in fourth place And in fifth place – Prudential. Disappointing for me to see the dear old Pru in the top five (or anywhere near it really) – the figures would suggest that it is due to its sheer size. Certainly the percentage of complaints upheld was significantly less than that for the three above but about double that of HL. I suspect that if people knew how much the Prudential deducted from their pension funds (a closely guarded secret) they would be in first place for complaints. But I can see how they were so popular with 'financial advisers' ;-) Link to comment Share on other sites More sharing options...
CliveH Posted April 13, 2014 Author Share Posted April 13, 2014 It is no Closely Guarded Secret Peter. All their funds have charges clearly listed and published. See any Trustnet or other info source for confirmation of this. If you look at Pru's Managed Distribution Fund - you can see that there is the bid offer spread (which does not apply if you access the fund via a Platform or Wrap) , no initial charge and an Annual management charge of 1.1% The offer and bid spread on the Trustnet factsheet is quoted as at 11 April 2014. http://www.trustnet.com/Tools/PDFViewer.aspx?url=%2fFactsheets%2fFundFactsheetPDF.aspx%3ffundCode%3dWUF31%26univ%3dN Now considering this fund scores five (5) FE Crowns - this charging structure - is good value even before the discounts we negotiate. You are wrong to infer that Prudential somehow deduct money from peoples pension funds Peter. The only organisation that currently does that is HMRC. Any deductions Prudential make - or any other provider makes - HAVE to be clearly stated and set out. Link to comment Share on other sites More sharing options...
LordThornber Posted April 13, 2014 Share Posted April 13, 2014 Blimey I have investments with all of those 8-) Fortunately apart for one relatively minor whinge, which to their credit, Barclays sorted immediately (and compensated us without asking), we've been fine. Similarly, Fidelity, who I recently placed deals with, and made a right bugger of it, came up trumps. They sorted it, admitted responsibility, explained why it happened, (that's important to me), and compensated without asking. And before anyone dives in with both feet, I donated half the compensation to our chosen charity 8-) George Soros. Link to comment Share on other sites More sharing options...
CliveH Posted April 13, 2014 Author Share Posted April 13, 2014 I rate Fidelity very highly and have recently amalgamated all our ISA's to their "Funds Network". I am happy to say their admin for us has been excellent. No mistakes - and our most recent transactions (bed & ISA - set up some months ago) took place without any issues and we received the transaction notes last week. But from a professional viewpoint - I am even more pleased that you are happy with them Martyn after they made a mistake. To me this is always the mark of a good company. We all make mistakes - it is how we put them right that is important. Link to comment Share on other sites More sharing options...
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