The number of Self-Invested Personal Pension or SIPP complaints that have escalated to the Financial Ombudsman Service (FOS) has increased from previous quarters as we head into 2019, with no sign of slowing down.
In the final quarter of 2018, the FOS reported receiving 777 enquiries, and in their most recent statistic release, this figure stands at 1,029 – an increase of 252 new cases.
With this, the actual number of cases that landed on the desks of the FOS was 1,047, an increase of 27% from the previous quarters 826.
These aren’t low percentages, and despite a small decrease in the number of complaints actually being upheld, this percentage still only dipped by 3% (from 62 to 59).
(It’s important to note that this is still double the average uphold rate when examining all FOS claims, showing the success rate as well as the importance of understanding Sipp’s and your rights).
Incredibly when the financial sector first started to investigate Sipp’s, and the FOS become more heavily involved, the number of cases grew dramatically.
For example, from April-December 2018, the FOS took on approximated 2,802 new Sipp cases, outstripping the cases it took on the previous year (April – March) which stood at 2,051.
Complexities of a tangled market
The Sipp market is still fraught with complications as well as poorly judged and ill-received information. Also, as more regulation and guidance are pushed into the industry to support businesses as well as protect individuals, it is still not enough to reduce the number of people previously affected.
This continues to be true as we investigate the market further and look at new cases under the title “occupational pension transfers and opt-outs” which has also jumped from 181 in the previous quarter to 244 currently.
Important to note is that when it comes to the uphold rates in this particular area, this has dropped by 6% (from 50 down to 44).
PPI has skyrocketed in recent years, to levels that no one could predict. The FOS has reported that the number of financial complaints relating to PPI that they have taken on, has recently just reached the two million mark, with PPI claims and complaints still making up the majority of workloads.
The FOS is there to support anyone who has a concern or issue regarding any financial product or financial institution.
Financial Claims Specialists – Money and Me Claims
Money and Me Claims is an independent financial claims’ management company working alongside regulatory bodies as well as Sipp providers to help ensure that any monies owed are returned to customers who have a rightful claim.
With extensive experience and knowledge of the financial sector, we’re on hand to help you with all of your financial compensation claims and questions.
If you think you’re entitled to compensation regarding Sipp’s, and you’re looking for expert help in making your claim a successful one, contact us today on 01236 884157, and one of our advisors will be happy to help.