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FOS sees rise in new Sipp cases

The number of new cases brought to the Financial Ombudsman Service about self-invested personal pensions increased in the third quarter of 2017/18, new data from the organisation shows.

The FOS received 546 new cases about Sipps between October and December 2017, which was an increase from 498 new cases in the previous quarter.

Enquiries received by the FOS about Sipps dropped, however, from 767 in Q2 to 546 in Q3.

In the third quarter 97 Sipp cases proceeded to an ombudsman, which was lower than the 193 that were referred in the second quarter.

Just over half (54 per cent) of Sipp cases were upheld between October and December, while 49 per cent were upheld between July and August.

No change to FOS funding model next year

New cases about personal pensions increased to 408 in the third quarter from 337 in the second. The percentage of personal pension cases that were upheld in Q3 was 27 per cent (Q2: 29 per cent).

The number of new cases about workplace pension transfers and opt-outs also rose from 114 in the second quarter to 181 in the third quarter.

New cases related to annuities stayed level with 179 in Q3, compared to 181 in Q2.

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  1. And, I predict, it’s going to get worse before it even starts to get better. What has the FSA and FCA been doing to stem this tsunami of mis-selling?

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