Regulation  

Fos pension complaints fall as overall claims rise 180%

Consumer complaints about pensions seem to be falling back after two years of consecutive rises, in spite of overall complaints to the Financial Ombudsman Service rising substantially and jumping by 179 per cent in the three months to June.

Fos complaints data for the three months to June 2013 reveal there were 330 complaints about personal pensions and 132 complaints about self invested personal pensions for the quarter.

If this run-rate continued the full year figures a little more than 1,300 and 500 respectively would represent a significant fall from the 1,808 and 620 complaints for the full 2012/13 year, itself significantly up on the preceding 12 months.

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However, the overall number of complaints that the Fos has received has increased significantly in the first quarter, rising by 179 per cent on the same period last year. It received 159,197 new complaints, compared to 57,076 new complaints in the same period in 2012.

Unsurprisingly complaints about payment protection insurance continue to lead the charge with 83 per cent of new complaints, up from 56 per cent in the same period in 2012. Fos says it continues to receive around 2,000 new PPI complaints each day.

Complaints on many products often sold through intermediaries also seem to be decreasing. There were 274 complaints about critical illness insurance from May to June compared to 1,370 for the 2012/13 financial year, 210 complaints were made about investment Isas compared to 1,528 for the last full year, and 155 complaints made about endowment savings plans compared to 973 for 2012/13.