The Financial Ombudsman Service has reported a 46 per cent drop in year-on-year complaints between April and June, from 159,197 in 2013 to 85,184 in 2014, following a substantial drop-off in PPI cases.
FOS data for the three-month period, published today, shows PPI complaints fell 57 per cent, from 132,152 in 2013 to 56,869 this year. The proportion of complaints upheld has also dropped significantly, from 78 per cent to 61 per cent.
Sipp complaints, however, have surged 83 per cent during the period, from 132 between April and June 2013 to 241 this year. This comes after the FCA warned of “widespread failings” in the sector following its third thematic review of Sipp operators.
Annuities complaints also increased markedly, from 120 to 189, although less than a fifth of the 2014 cases were upheld. Complaints relating to personal pensions remained flat year-on-year.
Occupational pension transfer complaints rose from 83 to 98, with almost half of the cases brought to the FOS between April and June this year resolved in favour of the consumer.
The FOS received 3,007 mortgage complaints, up marginally on the 2,941 recorded during the three-month period last year.
Complaints about term assurance, income protection, critical illness and whole of life policies were all down, while complaints about payday lenders rose from 155 to 189.