SIPP complaints soar 77% in Q1: FOS
The number of complaints to the Financial Ombudsman Service regarding SIPPs has increased sharply, rising from 521 in Q2 2017 to 922 in the same quarter this year.
SIPPS are now the twelfth most complained-about product and SIPP cases also had one of the highest uphold rates in favour of the consumer at 59%.
Overall, FOS received 107,827 new complaints over the quarter, with payment protection insurance remaining the most complained about product, accounting for 55,223 complaints
Payday loans were the second most complained-about product, with 10,979 new complaints.
Complaints regarding non-SIPP personal pensions remained static over the quarter, with 464 new cases compared to 460 in 2017.
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