The Financial Ombudsman Service (FOS) received 485 new complaints about wealth manager St James’s Place in the first half of 2024 - almost double the previous half year - despite total complaints for the pensions and investments sectors falling.

The majority of complaints against SJP in H1 2024 were about investment (196 complaints) and decumulation life and pensions (280 complaints).

Between 1 July and 31 December 2023 SJP saw 250 new complaints, with the majority related to investments (93) or decumulation life and pensions (145).

The total number of complaints received by the FOS about all the financial companies it covers rose 40% year-on-year in the first half of 2024, figures out today reveal.

Overall, the free and independent service, set up to resolve disputes between consumers and financial businesses, received 133,019 complaints between 1 January and 30 June compared to 93,114 complaints in the same period in 2023.

The Ombudsman saw a total of 3,369 new decumulation life and pension complaints in H1 2024, compared to 4,189 in H1 2023. There were 2,305 new complaints about investments in H1 2024, compared to 2,593 in H1 2023.

Despite the fall in the number of investment-related complaints overall, several investment providers were among those with the highest number of complaints, including Aviva Life & Pensions (517 new complaints), Vanguard Asset Management (91), Abrdn (31), and Legal & General (290).

Several Financial Planners and wealth managers also saw high numbers of complaints, with Financial Planning firms receiving multiple complaints including True Potential (31 new complaints) and Quilter (31).

The protection sector saw a fall in complaints. There were 22,489 new general insurance/pure protection complaints in H1 2024, compared to 24,496 in H1 2023

Banking and credit continued to be the most complained about sector and was the only sector that saw a year-on-year increase in complaints overall.

In the first six months of 2024, consumers lodged 101,031 banking and credit complaints, including disputes about credit cards and unaffordable lending, car finance woes as well as fraud and scams. From January to June 2023, people submitted 56,690 complaints to the Ombudsman

Abby Thomas, chief executive and chief ombudsman at the Financial Ombudsman Service, said financial services firms need to become more customer centric and transparent.

She said: “Businesses should put consumers at the heart of their service but the high level of complaints we receive shows that’s not always the case. It’s vital that businesses are open and transparent with their customers, treating them with fairness and understanding.”

In the first six months of 2024 the Ombudsman upheld 35% of complaints in consumers’ favour, compared to 37% in the first half of 2023.

SJP has been asked to comment.