Complaints to the Financial Ombudsman Service about managed investments have surged 134% in the first half of this year compared to the same period last year.

Figures from Investments, Life Insurance and Superannuation Ombudsman Alison Maynard reveal complaints related to financial planners increased from 156 to 258, while complaints about managed investments soared from 53 to 124.

Ms Maynard told insuranceNEWS.com.au she does not consider the figures problematic given declining markets and the overall volume of business carried out.

But she says some professionals “aren’t sustaining the normal standards and there are cases of inappropriate practice”.