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FOS complaints down 41% year-on-year

PPI complaints continue to fall but Sipp complaints rise.

The number of complaints to the Financial Ombudsman Service has fallen by 41 per cent year-on-year, as the drop-off in payment protection insurance complaints continues.

Figures from the FOS, published this week, show the ombudsman received 107,267 new complaints between October and December 2013, down by 41 per cent compared to 180,679 complaints in Q4 2012.

There were 79,578 PPI complaints in Q4 2013, 45 per cent lower than the 145,546 complaints received in Q4 2012.

Pension complaints rose significantly, with the number relating to Sipps more than doubling in the past quarter.

Sipp complaints increased by 123 per cent between Q3 and Q4, from 176 to 393. Of those, 56 per cent were upheld. On a year-on-year basis, complaints rose by 166 per cent, from 148.

State earnings-related pensions complaints increased by 46 per cent year-on-year, from 89 in Q4 2012 to 130. Just 2 per cent of complaints were upheld.

Annuities complaints were down by 25 per cent year-on-year from 148 to 111 while investment-related complaints also fell.

Portfolio management complaints fell by 26 per cent year-on-year, from 413 to 305, while unit-linked investment bonds fell by 19 per cent year-on-year from 218 to 176.

Evolve Financial Planning financial planner Steven Williams says: “It is not surprising to see a rise in Sipp complaints as it is a growing area of the pensions market.”

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