SIPP complaints up 30% and more than half upheld in Q2 - FOS data

OPT complaints down

Sophie King
clock • 2 min read

Self-invested personal pension (SIPP) complaints jumped by 30% in the second quarter of 2020/21 compared to Q1, according to data released by the Financial Ombudsman Service (FOS).

In quarter two of this financial year (1 July to 30 September), the FOS received 821 SIPP-related complaints and 636 in the first quarter for 2020/21. Of the complaints in Q2, 57% were upheld by the FOS, a three percentage point increase from Q1 (54%). For Q2 in 2019, 597 SIPP-related complaints were started. That increased to 653 in the third quarter. The uphold rates were 56% and 49% respectively. Meanwhile, the number of occupational pension transfer (OPT) complaints decreased in the second quarter, with the FOS receiving 213 compared to 309 in Q1. For the first quarter, 40% of tho...

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