Fidelity FundsNetwork on FCA complaints list

Added 6th October 2016

Fidelity FundsNetwork has been named alongside banking giants Barclays, HSBC and Santander in receiving the most investment-related complaints in the first half of the year.

Fidelity FundsNetwork on FCA complaints list

According to the FCA, Fidelity International’s ISA manager and the administrator of FundsNetwork, Financial Administration Services Limited, received 1,474 complaints during the period, though the nature of these complaints has not been disclosed.

1,306 of these complaints have closed, 94% within 8 weeks of the complaint being registered.

However, this was way behind the 3,422 complaints that Barclays received about its investment products; and HSBC at 3,269 and Santander at 2,453. Share registrar Equiniti Financial Services also received 1,498 complaints.

“We always endeavour to give our customers the best service possible and we are disappointed when this isn’t the case,” said Fidelity in a statement.  

“We are continually working hard to improve our processes and have been investing significantly in developing our investment platform so that we can give the best possible experience to those who choose Fidelity International.

“We also have an ongoing programme where we regularly talk to our customers so we can continually enhance our service.”

The total number of new complaints against financial services firms was around two million during the period, though grievances with financial services firms fell with a 2.6% reduction against the previous six months.

Across financial services, payment protection insurance is still the most complained about product, with the total more or less unchanged at just under one million.

The most complained about financial institutions overall were Barclays, Lloyds, Bank of Scotland, HSBC and NatWest. 

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Gary Shepherd


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Gary joined Last Word Media in 2009, becoming editor of Portfolio Adviser a year later. Previously, he worked at Incisive Media with roles across its Professional Adviser, Investment Week, Bloomberg Money and Mortgage Solutions titles. Gary has been shortlisted for various awards, winning Headline Money Investment Writer of the Year in 2010.



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