- Complaints about investment platforms surged last year
- Regulatory complaints data and review sites can help you assess platforms
We write a lot about investment platform fees, but for many people service is more important than cost. In studies assessing the importance of different platform features, ease of use often comes out on top. Customer service is a critical part of this, but beyond the merits of a company’s marketing operation, it can be difficult to tell how an investment platform holds up before you become a customer.
To dig below the surface, we have analysed the Financial Conduct Authority’s (FCA) complaints data over the past five years. All financial firms have to send the regulator a report twice a year regarding all the complaints they have received from eligible complainants over the period. The regulator then publishes a report showing the complaint numbers for all firms about which there were more than 500 complaints.