Let me make it clear about Sipps overcome payday advances to Fos that is top upheld list

Let me make it clear about Sipps overcome payday advances to Fos that is top upheld list

Complaints about self-invested individual retirement benefits had the uphold rate that is highest of any item looked over by the Financial Ombudsman provider in the 1st quarter of the 12 months.

Numbers released by Fos revealed there have been 427 enquiries about Sipps between and June, making them the 29th most complained about product april.

But 66 % of this 328 complaints about Sipps had been upheld, an increased proportion than any other item.

Even repayment security insurance coverage, which had probably the most enquiries and complaints at 53,045 and 43,569 correspondingly, just had an uphold price of 57 percent.

Payday advances ended up being the only real other product to come near, having an uphold price of 55 % for the 2,729 complaints the Fos received.

Fos stated: “We received a complete of 81,709 brand new complaints about economic companies – of which simply over half had been about repayment security insurance coverage.

“Packaged bank records and accounts that are current to end up being the most complained-about items after PPI.

“The general percentage of complaints we upheld in favour of customers ended up being 48 percent.”

There have been 2,620 complaints about home mortgages when you look at the quarter that is first of, 461 about personal retirement benefits, 329 about profile management and 292 about investment Isas.

Annuities had been the item using the lowest uphold price, at 13 % because of its 128 complaints, even though the item with all the cheapest amount of complaints between April and June had been open-ended investment organizations, which just received 34. Continue reading