Complaints about SIPPs to the Financial Ombudsman rose by 37% over the past 12 months but complaints about IFAs fell steeply at the same time, according to FOS data released today.

Two firms have been told they must compensate clients after unsuitable advice relating to a SIPP.

Platform and SIPP provider AJ Bell has been ordered to pay £500 to a customer to compensate for loss of interest.

The Financial Ombudsman Service will appoint an independent person to lead an investigation into allegations aired in a TV documentary, it has revealed, while a committee of MPs said staff had laid bare tales of "low morale and dismay" about "poor culture".