Sipp complaints to FOS jump 37% in less than a year

Pedro Gonçalves
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Sipp complaints to FOS jump 37% in less than a year

The number of new self-invested personal pension (Sipp) cases investigated by the Financial Ombudsman Service in the first three quarters of this year  jumped by nearly two-fifths (37%), compared with the 2017/18 financial year.

Figures released by the Financial Ombudsman Service (FOS) revealed 2,802 new SIPP-related cases were opened between April and December 2018, compared with 2,051 new cases opened in the 12 months to April 2018.

The figures indicated the ombudsman was increasingly ruling in favour of consumers, with the number of cases upheld increasing to 60% so far this year compared with 52% throughout the whole of the last financial year.

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"

Likewise the number of occupational pension transfers in the past three quarters was also up on last year's, with 614 new cases taken on by the FOS compared with 553 for the whole of the last financial year.

"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," FOS chief executive Caroline Wayman says.

The latest Ombudsman News report, which published the figures, also showed between October and December 2018  the FOS received 161,195 enquiries and took on 92,903 new complaints - equivalent to more than 1,000 a day, with FOS choosing to uphold 33% of these cases.

Payment protection insurance (PPI) was the most complained about financial product, with 40,855 new complaints - nearly 44% of all complaints received by the ombudsman.