Investment advice was among the top 10 most complained about investment and pension services in 2025/26, according to annual complaints data from the Financial Ombudsman Service.
There were 299 complaints about investment advice products resolved in 2025/26 by the Ombudsman, with an uphold rate of 44%.
Personal pensions remained the most complained about of the investment and pension products dealt with by the Ombudsman.
There were 3,777 complaints about personal pensions in the 2025/26 year, almost three times higher than the next highest complained about area (among investment and pension products) which was Stocks and Shares ISAs, which attracted 1,448 complaints.
There were 611 complaints about SIPPs with 57% upheld.
The investment product with the most upheld complaints was Unregulated Collective Investment Schemes (UCIS) and other non-standard investments in SIPPs with 77% of 106 complaints upheld.
At the other end of the scale, only a fifth (18%) of complaints about spread betting were upheld.
Across all products, the Financial Ombudsman upheld 20% of the 214,649 complaints it resolved during the financial year.
10 most complained about investment and pension products complained about 2025/26
Product | Complaints | Upheld |
Personal pensions | 3,777 | 49% |
Stocks and Shares ISA | 1,448 | 39% |
Stocks and shares dealing | 883 | 24% |
SIPPs – Standard Investments | 611 | 57% |
Conventional annuities | 360 | 39% |
DB transfers (not to SIPP) | 311 | 64% |
Investment advisory | 299 | 44% |
Unit linked bonds | 294 | 39% |
Contracts for Difference | 260 | 18% |
DB transfers (to SIPP) | 202 | 57% |
Source: FOS data, 21 May 2026
Overall, the Ombudsman received 214,600 new complaints in 2025/26, a 30% decrease compared to the previous year.
The most complained about products were hire purchase (motor) (37,700), current accounts (32,900) and credit cards (22,800).
The Ombudsman saw a drop in the number of cases brought to it by professional representatives. Cases from professional representatives (mainly claims management companies) made up 18% of its caseload in 2025/26, with 38,600 cases referred. In 2024/25, complaints brought by professional representatives made up 50% of the Ombudsman’s caseload (152,800 cases).
The Financial Ombudsman Service has previously said that it expects to receive complaints related to the FCA’s new Targeted Support regime in the 2026/27 financial year.
The FOS budget document hinted that the FOS expects a considerable number of Targeted Support complaints. It said: “We will be able to look at complaints about this service from early 2026.27, however we do not expect to start seeing a significant number of complaints in relation to this type of advice straight away due to the nature of investment advice.”