View more on these topics

FOS Sipp claims still on increase, latest data reveals

Caroline Wayman FOSThe Financial Ombudsman Service upheld half of Sipp-related cases as number ticked up again between July and September, new data shows.

The FOS published its second quarter complaints data today which shows it received 435 Sipp enquiries between July and September which was a slight increase on the 427 enquiries it received between April and June.

Of the 435 Sipp enquiries received, it took on 321 new cases and 95 of those were passed to an ombudsman.

The FOS received 922 enquiries about personal pensions in Q2 and took on 532 new cases with 92 passed to an ombudsman, which is the final stage of the complaints process. The FOS upheld 26 per cent of cases in this category during the three-month period.

The FOS received 36 enquiries about income drawdown in Q2 and upheld 53 per cent of those it took on as cases. This was an increase on the 35 per cent uphold rate in the first quarter.

Elsewhere, the FOS had 162 people contact it about annuities in Q2 with a 27 per cent uphold rate for complaints taken on as cases. In Q1, the FOS had 144 consumers contacting it with complaints about annuities, however, the watchdog only upheld 13 per cent of these claims.

In a newsletter about the complaints data, chief ombudsman Caroline Wayman focuses on financial technology, saying the FOS has received relatively few complaints around peer-to-peer lending compared to the amount of interest these investments generate.

Wayman says: “While peer-to-peer loans and investments have existed
 for years, they’re a good example of activities that new technologies have facilitated and changed. Compared with the recent level of interest around these types of lending and investments, we’ve received relatively few complaints. That’s of course encouraging – as are suggestions that the UK is seen as best place in the world to run a fintech business.”

However, the FOS says, overall, it has seen relatively more complaints about loan-based crowdfunding than investment-based crowdfunding.

Recommended

1,000 fewer advice firms receive FOS complaints

The number of advice firms that have received complaints to the Financial Ombudsman Service has fallen by more than a thousand in the last three years. A Freedom of Information Act request from Money Marketing shows that in the 2013/14 financial year, 3,573 advice firms received complaints at the FOS. This fell to 2,889 in […]

11

FOS chief urges advisers to tailor suitability reports to clients more

The Financial Ombudsman Service says advisers should take a more tailored approach to suitability reports as it sets out efforts to make the organisation less removed from the advice frontline. Speaking to Money Marketing, FOS chief executive and chief ombudsman Caroline Wayman says advice complaints have largely related to annuities and unregulated collective investment schemes […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. 321 new SIPP cases taken on. It would be helpful if FOS could tell us the nature of those complaints. I suspect they were about UCIS “investments” but it would be good to know.

  2. Nick, that would mean the FOS giving clear and precise information. Two words not in the FOS dictionary!

    I do agree though, 43% of stats are pretty useless you actually explain them.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com