Complaints about self-invested personal pensions (SIPP) rocketed in the last quarter, according to the latest data from the Financial Ombudsman Service (FOS).
The FOS received 380 new SIPP complaints between October and December last year, 18% more than it received in Q2 of 2016/17 and 38% more than the average 274 complaints per quarter it received in 2015/16. It upheld 47% of SIPP-related complaints. Bad advice on transfers into SIPPs was the underlying cause of complaints, according to FOS. The Financial Services Compensation Scheme (FSCS) had already budgeted to levy life and pension advisers a record £171m in 2017/18. Last month the lifeboat fund also confirmed its intention to raise an interim levy for 2016/17 of £36m for life and ...
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