Investments complaints are declining but complaints about the riskiness of investments still remain, according to the Financial Ombudsman Service.

In its monthly newsletter Ombudsman News, the Ombudsman says that the number of investment complaints had fallen overall but that those it did receive were primarily about risk.

The news follows figures from the Financial Services Authority which show that investment complaints dropped from 43,605 to 40,972 in the second half of 2011.

The majority of investment-related complaints to the Ombudsman were due to consumers being invested in products that were too risky for them.

This included unsuitable products being sold to vulnerable investors such as elderly and inexperienced investors.

Last year HSBC was fined by the FSA for offering inappropriate investment advice to elderly customers via its subsidiary NHFA Limited.

The Ombudsman said it was consulting with firms and with the regulator on complaints of this nature.

Other complaints included products where the investments failed to match the descriptions given or where market volatility had given rise to unexpected losses.

The Ombudsman said firms needed to be clear what investments made up a ‘high’ ‘balanced’ ‘low’ and ‘no risk’ portfolio and clearly communicate this to the consumer.

In the organisation’s latest Budget for 2012/13, it said it only expected five per cent of its total complaints to be related to investments. This is down from nine per cent in 2011/12.

In contrast, complaints about mortgages rose by 35 per cent and complaints about debt collection rose by 25 per cent.