Complaints to the Financial Ombudsman Service (FOS) about self-invested personal pensions (SIPPs) have rocketed in the first quarter of the 2017/18 financial year.
According to its most recent complaints statistics, the ombudsman received 521 new SIPP cases in Q1 compared with an average of 371 per quarter in 2016/17 and an average of 274 SIPP complaints per quarter in the year before. It upheld 50% of them compared with a slightly higher uphold rate of 56% on average per quarter in 2016/17. In April, the FOS said it expected to receive 16,000 new pension and investment related cases in 2017/18. In January the Financial Services Compensation Scheme confirmed its intention to raise an £36m interim levy on life and pension advisers to fund "un...
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