FOS’s annual report shows there were 2,051 Sipp complaints in the year 2017/18, up from 1,493 in the previous year. Personal pension plan complaints by contrast fell 38 per cent, down from 2,377 to 1,468 over the period. The majority of complaints were either about administration or sales and advice. FOS says pensions complaints were the category of complaints most likely to be upheld, with findings in favour of the complainant on 44 per cent of occasions.
There was an 11 per cent increase in occupational pension transfer/opt out complaints.
Private medical insurance complaints fell by 3 per cent to 1,115 complaints, while critical illness cover complaints rose just 1 per cent to 861 complaints over the year.