Complaints about self-invested personal pensions (SIPPs) rose for the second time in 2017/18 in Q3 after seeing a small dip in the second quarter of the financial year, according to the Financial Ombudsman Services' (FOS) latest statistics.
The ombudsman received 546 new SIPP complaints in Q3, upholding more than half (54%), compared to 498 new complaints in Q2 when it upheld almost half (49%). In Q1 it received 521, 50% of which were upheld. The amount of SIPP complaints it has seen in the first three quarters of 2017/18 are significantly higher than the average 371 it saw per quarter in 2016/17. That said, the FOS's average uphold rate of 56% per quarter in 2016/17 was higher than the respective 54%, 50% and 49% rates seen so far in the first three quarters of this financial year. In April, the FOS said it expected ...
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