The FSCS has declared pension transfer adviser Portal Financial Services LLP (FRN501272) as failed after the firm went into compulsory liquidation following a string of complaints.

The Financial Ombudsman Service plans to freeze its fees for 2023/24 at this year’s level due to the economic pressures facing firms.

In its latest complaints data the Financial Ombudsman Service says that nearly half of the complaints it received about unregulated collective investment schemes (UCIS) were related to SIPPs.

The Financial Ombudsman Service upheld a higher percentage of complaints in the second half of 2021 than the previous six months, latest data from the complaints handling service has revealed.

The Financial Ombudsman Services has upheld the majority of SIPP complaints it received over the past year and warned that it continues to see a large number of SIPP complaints amid a rise in overall investment and pensions cases.

Complaints about pensions dropped 69.3% year on year between April 2020 and March 2021, but complaints about investments increased 2.4% over the same period, according to a new complaints data report.

Curtis Banks was in the top 10 of complained to companies, according to the latest complaints data from the FCA.

FSCS chief executive Caroline Rainbird has revealed that the major factors pushing up the FSCS levy have been the surge in claims against Self-Invested Personal Pension (SIPP) operators and a rising trend of pensions-related claims.

The Financial Ombudsman Service has reported a sharp rise in SIPP complaints with 821 new complaints about SIPPs between July and September compared to 636 in the previous quarter.

The number of complaints dealt with by the Financial Ombudsman Scheme has fallen to its lowest level for at least 7 years.