FOS sees spike in Sipp and personal pension cases

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The Financial Ombudsman Service has seen complaints about personal pensions and self-invested personal pensions rise by over a third.

The FOS’ latest quarterly complaints figures, published today, show it received 458 complaints about personal pensions between July and September. Of these, 27 per cent were upheld.

The number of complaints is up by 39 per cent compared to the 329 personal pension cases the FOS received last year.

The FOS also received 281 complaints about self-invested personal pensions in Q3, of which 47 per cent were upheld. This is up by 34 per cent compared to Q3 2014, when 210 complaints were received.

The number of complaints about mortgages and term assurance fell year-on-year, however.

There were 2,609 complaints about mortgages between July and September, of which 30 per cent were upheld. This is down by 22 per cent from the 3,333 complaints received during the same period in 2014.

There were 524 complaints about term assurance, of which 26 per cent were upheld. The number of complaints is 23 per cent lower than the 677 cases that were received in Q3 2014.

The FOS received 327 complaints about investment Isas during the period, of which 37 per cent were upheld. This is up by 29 per cent compared to July to September 2014, when 254 investment Isa complaints were received.

The number of complaints about annuities was unchanged year-on-year at 207. Of these, just 18 per cent were upheld.

Overall the FOS received 85,896 complaints between July and September, of which 51 per cent were upheld.

This is down by 2 per cent compared to July and September 2014, when the FOS received 88,038 complaints.