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FOS Sipp complaints continue to rise

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The number of Sipp related complaints at the Financial Ombudsman Service has continued to rise.

Between July and September, 767 Sipp enquiries were received, FOS data out today shows, compared with 678 for the previous three months.

Sipp complaints are now more than 50 per cent higher than they were in early 2016.

193 made it to an ombudsman decision, up from 181.

Uphold rates for Sipp complaints held steady at around 50 per cent, higher than the average of a third of FOS complaints that are decided in the consumer’s favour.

Enquiries about other personal pensions also ticked up, from 839 to 885, but fewer made it to an ombudsman’s adjudication, down to 110 from 127.

Annuities saw comparatively fewer complaints, showing a 19 per cent drop in enquiries from 264 to 214.

Pension transfer enquiries ticked up, but only slightly, from 160 to 165, resulting in 67 complaints making it through to the ombudsman.

FOS strategy head defends service against IFA misconceptions

The data comes the day after the FCA produced its own statistics showing which advice firms and product areas it saw the most complaints about.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Another week and yet another set of statistics on complaints, almost certainly about the sales of failed, dodgy investments via SIPPs. The liabilities for a large proportion of them will very probably turn out to be uninsured and will thus be dumped on the rest of us by way of the FSCS because, without insurance, the guilty firms will be unable to meet them and will default. What was the FSA/FCA doing whilst all these obviously unsuitable sales were being perpetrated? The question, of course, is rhetorical.

    • Nicholas Pleasure 24th October 2017 at 10:25 am

      Julian, They were having lots of useful meetings with their consumer panel and other dignitaries about why financial advice is now so expensive and remember, that great art scattered around their expensive offices doesn’t buy itself.

  2. And how many of these have come via claims chasers?

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