SIPP complaints 'up 50%' on UCIS recommendations

The number of complaints from self-invested personal pension (SIPP) savers dealt with by the financial Ombudsman rose almost 50% last year, with most gripes linked to recommendations to invest in unregulated investment schemes, according to a report.

The Financial Ombudsman Service (FOS) handled 1,039 cases relating to SIPPs in the 12 months to April, up from 697 in the previous period, according to the Sunday Times (£). Almost three-quarters of the complaints were from savers who had been advised to transfer investments into unregulated collective investment schemes (UCIS), according to the Times, which said the figures are due out this week. The financial services regulator has previously warned about the suitability of SIPP investments. Last year, the Financial Services Authority (FSA) said it had come to its attention that ...