FOS Sipp complaints jump again

The Financial Ombudsman Service has reported yet another spike in Sipp complaints.

Latest data from the adjudicator shows that in the quarter to December last year, FOS received 1,029 new enquiries about Sipps, up from 777 in the previous quarter.

The number of new cases it took on was 1,047, up from 826 in the quarter beforehand, an increase of 27 per cent.

While there was a slight decrease in the proportion of complaints that were upheld, dipping from 62 per cent to 59 per cent, this is still around twice the average uphold rate across all FOS claims.

The number of new cases the FOS has has taken on over Sipps for the nine months to December 2018 – 2,802 – has already easily outstripped the number of new Sipp cases opened for the full year between April 2017 and March 2018 – 2,051.

Looking under the bonnet of the Sipp market

The number of new cases categorised as “occupational pension transfers and opt outs” has also increased to 244 in the latest quarter from 181 the previous quarter.

However, there has again been a decline in uphold rates, dropping from 50 per cent to 44 per cent.

FOS chief executive Caroline Wayman says: “The FOS takes on over a thousand new cases every day and our team works hard to get to the bottom of them for consumers and businesses. The number of PPI complaints we have taken on recently topped two million, and PPI cases still make up a significant proportion of our work. However, we deal with complaints about the full spectrum of financial products, and we would urge anyone who has a complaint about a financial business to get in touch with us.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Is there anything left to say about why this is happening?

  2. The queue forever lengthens…… I feel sorry for the staff of the FOS they are overloaded. Angry clients on one hand facing months of delays, unscrupulous providers on the other ducking and diving throwing up all kinds of false excuses and technicalities to delay matters then not handing over paperwork.

    Where was and where is the regulator who has presided over this debacle allowing it to happen ?

    • According to the Merriam-Webster dictionary, the definition of preside is to exercise guidance, direction or control [over specific events or practices]. I think we can all agree that the FCA has failed almost totally to do a single one of those things.

  3. PPI has all but finished for the last six months the adverts from claims company’s have changed to Investments, Pensions and SIPP’s. This is the start.

  4. FOS is handling my case at the moment.

    In my experience, they have been brilliant. Polite, patient and forensic in their analysis of the documents and finding the truth despite the lies told by the Financial Services firm involved.

    Only negative is the delay in addressing my case which was partially due to PI legal coyotes trying to obstruct them. ( See Paul Moll above.)

    More power to them.

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