LV said: "LV=’s protection team takes customer service very seriously. Only 36 cases were referred to the ombudsman and of those most are protection-related.
"In 2021 LV= paid almost 96 per cent of all personal protection claims paying £119mn to policyholders when they needed it most. However, there was sadly over 4 per cent we couldn’t pay due to reasons like misrepresentation. These figures highlight how important it is to accurately disclose all information within the application process."
Close Brothers Group had 140 new cases with 39 per cent upheld.
In the advice landscape, St James’s Place and Hargreaves Lansdown Asset Management were around the same with 100 and 106 respectively.
For SJP, the majority of cases were in decumulation and pensions (38), with 35 per cent upheld, and investments (46) with 27 per cent upheld.
A total of 29 per cent of its cases were upheld.
Hargreaves Lansdown received 77 new cases in investments, of which 17 per cent were upheld, and 27 new cases in decumulation and pensions of which 32 were upheld. A total of 21 per cent of its cases were upheld.
The firm declined to comment when approached by FTAdviser.
FTAdviser approached the other firms for comment but they had not responded at the time of publication.
sonia.rach@ft.com
What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know
