The Financial Ombudsman Service (FOS) has reported a 20% fall in complaints about self-invested personal pensions (Sipps) to 886 between April and June 2019, compared to 1,107 in the same period in 2018.
This was the first time since the 2014/15 financial year that cases have slowed down in the first quarter – they had increased most significantly between 2017 and 2018 when they jumped 76%.
There were 906 new cases in Q1 2019/20, which is a reduction from last year where there were 922.
The number of complaints taken to an ombudsman rose by 107% to 284 from 137 in Q1 2018/19.
Percentage of cases upheld was 59% from 62% in the previous year.
Whole-of-life-policies
The FOS also logged a small fall in complaints about whole-of-life-policies to 547 from 566 in Q1 2018/19.
Also, the number of new cases fell to 351 to 414, while the number of complaints taken to the ombudsman rose to 103 from 71.
Percentage of cases upheld decreased by 3% to 16% in April to June 2019.
Personal pensions
Enquiries made to the FOS about personal pensions fell by 24% to 661 from 868.
The number of new cases also decreased to 350 in Q1 2019/20 from 436.
However, cases taken to the ombudsman rose by 42 to 112, as cases upheld came in at 31%.
