FOS complaints data: SIPP gripes top 3,000 with 56% upheld

Complaints data for 2020/21

Jenna Brown
clock • 3 min read

Self-invested personal pensions (SIPP) garnered 3,021 complaints to the Financial Ombudsman Service (FOS) in the past year with a 56% uphold rate.

Annual data from the complaints body put the pensions product in the top spot for gripes in the investment and pensions section. The overall uphold rate for complaints about investment and pensions was 22%, the data showed. Despite numbers of SIPP-related complaints being down on the previous year when they stood at 3,227, the FOS said better communication could help reduce cases even more and the uphold rate was more than half. Ombudsman Nina Walter said: "Consumers often don't understand that their pension value is continuously fluctuating because it relates to underlying assets. Bu...

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