The FOS received 521 new cases regarding Sipps between April and June 2017 (1Q17), with an additional 498 new cases opened in 2Q17. Of which, 181 and 193 were passed to an ombudsman, respectively.
In 1Q17, 50% of the Sipp complaints were upheld, while 49% were upheld in 2Q17.
The second quarter statistics were released in the latest edition of the Ombudsman News, which gives a snapshot of the complaints received by the FOS on a quarterly basis.
The table includes data on the number of inquiries received, the number of complaints passed to an ombudsman for a final decision and the proportion of complaints resolved in favour of consumers.
Breaking it down
Term assurance was also high on the data list, receiving 414 new complaints between July to September 2017. The proportion of cases found in favour of the consumer was 15%.
This was followed by personal pensions with 337 new complaints, of which 29% were upheld. This contrasts with 1Q17 when 438 new complaints were received and 26% were upheld.
Whole-of-life policies attracted 270 complaints. Of the 61 sent to the ombudsman, 15% were found in favour of the complainant. Annuities also recorded a 15% ‘upheld’ rate, with 47 complaints out of 181 new cases passed to an ombudsman for adjudication.
The financial product consumers continue to complain about the most remains payment protection insurance (PPI), with 50,369 new cases between July and September 2017. This is up from 42,401 cases between April to June 2017.
In total, during 2Q17, the ombudsman received 84,845 new complaints for all the products and services falling under its remit, an increase from 80,234 in 1Q17.
Out of the total number of complaints only 8,724 were passed to an ombudsman for a final decision and 35% upheld.
