According to the Ombudsman’s quarterly report, there were 521 new SIPP cases referred to the Ombudsman from April to June this year, a rise of almost 200 compared to the same quarter last year
However, the number of SIPP cases upheld has decreased by 16%. Some 66% of SIPP cases were upheld from April to June 2016, while this year, that figure has decreased to 50%.
Over the past year, there were 1493 new SIPP cases, with 56% of them being upheld in total.
The number of complaints about annuities has also risen according to the new report, with 227 new cases being reported to the Ombudsman from April to June, a rise of almost 100. Some 14% of annuity cases were upheld as well, an increase of 1%.
The Ombudsman’s report also revealed a significant drop in the number of complaints about term assurance. From April to June this year, there were 483 new complaints, a drop of almost 140 compared to 2016. The number of term assurance cases upheld has also dropped by 2%.
Complaints about personal pensions are also down, with 23 fewer new complaints in 2017. There has also been a 4% drop in the number of personal pension plan cases upheld, too.
The number of investment ISA and income protection complaints also reduced compared to 2016, while the number of new cases involving portfolio management decreased by over 100.
Whole-of-life policies and critical illness insurance complaints also decreased compared to 2016, while there were 61 new complaints about investment trusts from April to June. Some 44% of investment trust cases were upheld.
The report also revealed that there were 243 new cases in the past year relating to open-ended investment companies
The Ombudsman received more than 80,000 complaints in the first quarter of 2017/18, with PPI remaining the most complained about financial product.
During the first quarter of 2017/18, there were 42,401 new complaints about PPI, with 40% of cases being upheld. However, these figures represent a decrease compared to last year, with fewer complaints and few cases being upheld in comparison to this time last year.
Current accounts were the second most complained about product, with 5229 new complaints.