The Financial Ombudsman Scheme is planning to cut 150 jobs, including management positions, due mainly to a rapid decline in PPI work follow the ending of PPI claims to the Ombudsman.
Complaints Management Companies (CMCs), now regulated by the FCA, have spurred a big jump in SIPPs complaints with the number almost doubling to 3,811 in the last financial year, up from 2,000 in 2017-2018.
The Financial Ombudsman has reported a rise in the number of SIPP complaints it upheld in its third quarter to 59% in the period from Oct to December.
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