Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a654340
FOS hit by rising pensions complaints as PPI cases soar
by Michelle Abrego on Jan 29, 2013 at 07:55
The number of complaints made to the Financial Ombudsman Services (FOS) in relation to pension products has risen over the last nine months.
Figures for the first three quarters of the Ombudsman's year, which runs from April 2012 to April 2013, reveal that complaints in relation to annuities, Sipps, personal pensions, and pension transfers all increased compared to the first three quarters of 2011/12.
The FOS saw a 26% increase in Sipp complaints, receiving 455 complaints, up from 360 in the equivalent period last year, with 58% of these being upheld in the consumer’s favour.
Complaints on annuities went up 20% from 439 in the year to date, from 363 in 2011/12, but only 27% were upheld.
There were 1,537 complaints related to personal pensions, a 17% increase compared to the 1,303 made at this point last year, with 33% of cases upheld by the FOS.
Occupational pension transfers and opt-outs complaints increased 17%; the Ombudsman received 226 complaints in comparison to 197 from this time last year.
Overall, the FOS, headed by chief executive Natalie Ceeney (pictured), received more complaints in the period between October and December 2012 than in any year between 2000 and 2010. The total number of new complaints was at 180,679.
Payment protection insurance (PPI) complaints continued to dominate, with the FOS resolving 244,873 complaints in the period up to December 2012. The Ombudsman said it was currently taking on between 8,000 and 10,000 PPI complaints each week and expected to receive over 350,00 complaints this year.
News sponsored by:
Today's top headlines
Challenged by growing risk aversion?
Challenging financial markets over recent years have resulted in growing risk aversion among British savers and led many to seek safety in cash. Click here for more.
More about this article:
More from us
- FSA investigates IFAs over Ucis Sipp advice
- Bankhall warns over PPI claims chasers pushing pension transfers
- How voluntary work gave me a fresh insight into pensions
- #adviserweek: IFAs split over FSA Ucis Sipp warning
- HMRC confirms fresh ISA allowances for investors hit by Lehman collapse
- FSA considers time limit on PPI claims
by David Howell on Dec 11, 2013 at 15:31