Sipp complaints uphold rate drops against yearly trends

The proportion of Sipp related complaints which were upheld by the Financial Ombudsman Service in the first quarter this financial year was lower than the trend over the last two years. The April to June figures, released this morning, showed that the regulator upheld 51% of Sipp complaints, as opposed to 60% for the whole of 2014/15.The year before that the uphold rate was 63%.There were 390 Sipp enquiries made to the FOS, leading to 261 new cases in Q1. {desktop}{/desktop}{mobile}{/mobile}The proportion of ISA related complaints which were upheld in Q1 was also lower than the trend over the last two years.The regulator upheld 35% of investment ISA complaints in the period April to June. This compared with 42% for the whole of last year and 43% for the year before that.Some 40% of the cash ISA complaints in Q1 were upheld by the FOS, down from 45% - the figure for both of the last two full financial years.From April to June there were 438 enquiries about investment ISAs to the FOS and 403 about cash ISAs, leading to 409 and 228 new cases respectively.For personal pensions there were 1,206 enquiries, and 294 new cases, with 23% being upheld by the ombudsman.For annuities there were 265 enquiries, and 245 new cases, with 20% being upheld.Other findings during April, May and June 2015:◆◆ Consumers referred a total of 89,935 new complaints about financial businesses– of which 49,377 were about payment protection insurance (PPI).◆◆ FOS continued to receive around 4,000 new PPI complaints each week. Bank accounts and mortgages were the next most complained-about financial products.◆◆ Over the quarter, the overall proportion of complaints the FOS upheld in favour of consumers was 51% – ranging between 74% (for PPI) and 2% (for complaints about SERPs).◆◆ The PPI uphold rate over the whole of the last financial year was 62%.

Sipp complaints uphold rate drops against yearly trends

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