Hargreaves Lansdown was the most complained about investments company in the UK during the second half of 2013, according to data published by the Financial Conduct Authority (FCA).

Hargreaves Lansdown was the most complained-about investments company in the UK during the second half of 2013, according to data published by the Financial Conduct Authority, the regulator.

The UK’s largest online investment broker topped the list with just under 3,200 complaints between July and December last year, up substantially from the 527 it clocked up over the previous six-month period, and far ahead of Barclays Stockbrokers with 1,799. Santander was a close third with 1,791 while Financial Administration Services was fourth with 1,540 and HSBC came fifth with 1,480.

Hargreaves Lansdown's website crashed at the time of the Royal Mail IPO in October last year. The company said the high volume trading around the event was the reason for the website difficulties which led to the complaints.

“The majority of complaints relate specifically to the Royal Mail flotation last October. The demand for Royal Mail shares was off the scale with 118,000 clients purchasing Royal Mail shares through Hargreaves Lansdown,” said Adrian Lowcock, senior investment manager at Hargreaves Lansdown.

Outside the investments sector, Barclays Bank managed to cause the most distress for its customers.  It clocked up a massive 310,000 complaints over the six month period, although this was down 17 per cent on the first half of 2013. Lloyds came second with 257,000, a 1 per cent fall on the previous half. MBNA was fourth with 213,000, down 10 per cent, while the FCA received 181,000 complaints about Bank of Scotland, an 18 per cent decrease on the first half.

Overall, total complaints were down 15 per cent at 2,479,029 from 2,911,154 in the previous six months.

“No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain. There is clearly more for us all to do to show consumers their interests come first,” said Martin Wheatley, FCA chief executive.

The FCA has been scathing about the wealth management industry this week, particularly when it comes to explaining the cost of advice to clients. It said failings were widespread across the financial industry but that wealth managers and private banks “performed poorer than other firms in nearly all aspects.”

It added that some consumers could be unaware of, or even misled, in relation to the cost of advice, the type of service offered by a firm, the nature of a firm’s restriction, or the service they can expect to receive in return for the on-going fee.