Latest figures for the Ombudsman’s second quarter (July to Sept) issued by the FOS today, showed that 49% of complaints were upheld by the Ombudsman compared to an average of 56% during the previous year. Some 50% of complaints were upheld in the Ombudsman’s first quarter (April to June). The Financial Ombudsman service is headed by chief Ombudsman Caroline Wayman.
The figures suggest more people are making complaints about SIPPs but fewer are being upheld on average compared to last year.
The number of complaints enquiries about SIPPs seen by the Ombudsman in the second quarter was 767 compared to 678 in the first quarter. However only 193 were referred on to the Ombudsman for final review in Q2, a small rise on the 181 referred on in Q1.
In the first two quarters of this year there have been 1,500 enquiries to the FOS on Sipp complaints this year compared to 1,959 in the whole of last year. Last year the Ombudsman reviewed 495 complaints about SIPPs while the number this year so far is 374. If the number of complaints reviewed by the Ombudsman carries on at the same rate, it could top 700 in the latest 12 month period.
The number of complaint enquiries about occupational pension transfers and opt outs during the second quarter was 165 compared to 160 the previous quarter. In the current quarter 25% were upheld compared to 28% the previous quarter.
There were 885 complaint enquiries about personal pensions in the second quarter with 29% eventually upheld compared to 839 in the previous quarter and 26% upheld.
The number of complaint enquiries about investment ISAs was relatively steady at 305 compared to 316 the previous quarter. In the latest quarter 31% were upheld.
The number of complaints about pensions and investment products was dwarfed, however, by the number of complaints about Payment Protection Insurance.
Between July and September the FOS handled 151,112 enquiries from consumers, taking on 84,366 new cases – with 8,724 complaints passed to an ombudsman as the final stage of the complaints handling process. PPI remained the most complained about financial product, with 50,639 new cases.
Current accounts were the second most complained about product, with 4,497 new cases.