SIPP complaints jump to 'record high' in last 12 months - FOS

3,811 complaints in 12 months

Sophie King
clock • 1 min read

Complaints to the Financial Ombudsman Service relating to self-invested personal pensions (SIPPs) almost doubled year-on-year between April 2018 and March 2019.

In its annual review published this morning (15 May), the Financial Ombudsman Service (FOS) said it received 3,811 new complaints about SIPPs in the 2018/19 tax year, up from a little more than 2,000 in 2017/18. The ombudsman said two thirds of SIPP complaints were brought to it by a third party, such as claims management companies and law firms, which is up a third from the previous financial year. Meanwhile, around 60% of the SIPP complaints bought to the FOS relate to provider due diligence, while 15% are related to the advice given to transfer to a SIPP and invest in unregulated c...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read
FCA looks to boost transparency of ESG ratings providers

FCA looks to boost transparency of ESG ratings providers

Regulator opens consultation

Michael Nelson
clock 01 December 2025 • 2 min read
Regulators urged to hold pension transfer 'bad actors' to account

Regulators urged to hold pension transfer 'bad actors' to account

Advisers report ‘widespread and sometimes extreme delays’

Sahar Nazir
clock 24 November 2025 • 5 min read