Figures released by the UK’s Financial Ombudsman Service (FOS) on Wednesday reveal it received 546 enquires about Sipps during the quarter, all of which became new cases.
In comparison, many of the other products complained about had roughly half to two-thirds of enquiries become new cases.
Of the 546 Sipp complaints, 97 were passed to an ombudsman who upheld 54% of cases, making Sipps the third most upheld area of complaint after instalment loans (63%) and payday loans (56%).
Of the 69 financial products to receive complaints during the past quarter, Sipps ranked 13th.
Quarter on quarter
During the previous three-month period ending September 2017, the FOS received 767 Sipps enquiries from which it created 426 new cases.
The upheld rate was slightly lower, with 49% of the 193 cases passed to an ombudsman found in favour of the complainer.
Complaints
In total, the FOS received 147,775 enquiries between October and December 2017.
Payment Protection Insurance remained the most complained about financial product, accounting for 54% of complaints.
The FOS created 81,647 new cases, of which it passed 9,326 to an ombudsman.
The average upheld rate was 33%.
