The FCA, PRA and Bank of England are consulting on an updated Complaints Scheme to make it simpler and more "user friendly."
The Financial Ombudsman Service has reported a drop in the 'complaint upheld' rate for SIPPs from 61% in 2018/19 to 52% in 2019/20.
Complaints about regulated firms topped 6m in the second half of 2019, according to data published by the FCA today.
A rising number of SIPP complaints is creating upward pressure on the Financial Services Compensation Scheme levy, the body has warned.
FCA figures have shown a fall in the number of complaints about regulated firms.
The Financial Ombudsman has reported a rise in the number of SIPP complaints it upheld in its third quarter to 59% in the period from Oct to December.
FCA data showed an increase in the number of complaints about regulated firms, with more than four million complaints during the first half of 2018.
The percentage of complaints about SIPPs upheld by the Financial Ombudsman Scheme rose sharply in the spring as the number of new complaints about SIPPs also rose sharply.
Complaints about SIPPs to the Financial Ombudsman rose by 37% over the past 12 months but complaints about IFAs fell steeply at the same time, according to FOS data released today.
We are coming up to 12 years since the introduction of pension simplification and although it seemed at the time not to solve or simplify much I would go back to that day in a heartbeat.
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