All firms regulated by the Financial Conduct Authority (FCA) are required to publish details of complaints, where the total number is over 500 in either, or both, of the six-month periods of January to June and July to December. In fact, we have taken the decision to publish all complaints data on our website regardless of whether the total number of complaints is over 500. We also share this information with the FCA.
We report these details using a prescribed format and terminology which the whole industry must use. To help your understanding of the reports, here are a few points to bear in mind.
The companies we report on
We report on three companies. Below are the products each company provides:
- Old Mutual Wealth Ltd provides our Collective Investment Account and our ISA.
- Old Mutual Wealth Life & Pensions Ltd provides the Collective Retirement Account and the Collective Investment Bond.
- Old Mutual Wealth Life Assurance Ltd provides our current protection product and a number of older products which are no longer available to new investors.
Terminology in the report tables
Most of the terms we are obliged to use should be clear, but here are a few pointers.
Provision – This is where we, as the product provider, show figures representing the number of complaints received during the reporting period, against the number of plans or accounts in force at the end of that period.
Intermediation – This column is for completion by financial advisers. Where it states N/A this is because we are not the intermediaries (financial advisers) but the product providers.
Complaints closed – This means we have issued our full response (or Summary Resolution Communication) to the complainant.
Percentage upheld – This shows the percentage of complaints where our decision was in favour of the complainant.
View the reports:
Please note that complaints data for previous periods are available upon request at OMWMarketing@omwealth.com.