A rising number of SIPP complaints is creating upward pressure on the Financial Services Compensation Scheme levy, the body has warned.
FCA figures have shown a fall in the number of complaints about regulated firms.
The Financial Ombudsman has reported a rise in the number of SIPP complaints it upheld in its third quarter to 59% in the period from Oct to December.
FCA data showed an increase in the number of complaints about regulated firms, with more than four million complaints during the first half of 2018.
The percentage of complaints about SIPPs upheld by the Financial Ombudsman Scheme rose sharply in the spring as the number of new complaints about SIPPs also rose sharply.
Complaints about SIPPs to the Financial Ombudsman rose by 37% over the past 12 months but complaints about IFAs fell steeply at the same time, according to FOS data released today.
We are coming up to 12 years since the introduction of pension simplification and although it seemed at the time not to solve or simplify much I would go back to that day in a heartbeat.
In a 2018/19 budget consultation paper released today the Financial Ombudsman Service (FOS) has warned that it is expecting to receive more complaints than the budget it has available to deal with them.
I can’t help but feel a bit cheated when I am sat in the office on Budget day waiting for some surprise pensions announcement by the Chancellor and there is not only no surprise, but the word pension is only mentioned twice in the whole speech.
One thing that makes my blood boil is the blame SIPPs get every time there is a release of information on complaints.
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