Cold calling blamed for soaring Sipp complaints
Months of increases in the number of complaints about self-invested personal pension are being blamed on cold calling by claims management companies.
Liberty Sipp managing director John Fox told FTAdviser the issue is “an open secret in the industry”.
“We are aware of a number of people who have been contacted in a similar manner to the way [payment protection insurance] PPI firms carry out their cold calling,” he said.
His comments follow an announcement earlier this week that the number of complaints about Sipps received by the Financial Ombudsman Service (Fos) has continued to increase.
In the first quarter of 2016-17 the Fos received 521 new cases about Sipps, compared with 328 in the same period in 2016.
But a smaller proportion of these are being upheld, with only 50 per cent being found in favour of the consumer, compared with 66 per cent in the first quarter of last year.
Claim companies are now contacting people randomly and trying to convince them to make a complaint about their Sipp, Mr Fox said.