Complaints about the activities of financial planners and stockbrokers increased by 22% last year, according to the Financial Industry Complaints service (FICS).

CEO Alison Maynard said in the FICS annual report released last week that complaints against financial planners rose from 83 in 2000 to 186 in 2001. In the same period, complaints against stockbrokers rose from 88 to 134, and managed investments complaints rose from 23 to 80. Total new complaints rose from 812 in 2000 to 988 last year.

Of the 148 complaints decided by the complaints panel last year, only 36% were in favour of consumers.

Encouragingly, life insurance-related complaints trended down, from 618 in 2000 to 588 last year. Ms Maynard said this was the first time that non-insurance complaints dominated the work of FICS.