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.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
CHL Mortgages
CHL enhances bridging range with AVMs and enhanced adverse credit criteria
Housing Market
July housing transactions dip 2% amid 'cautious market': HMRC
