Guest Blog: Why the latest FOS ruling isn’t a ‘game changer’ for SIPP providers

Guest Blog AJ Bell 150pxIn his first Guest Blog for Investment Sense Gareth James, Technical Resources Manager at AJ Bell, looks at the latest ruling from the Financial Ombudsman Service, which has divided the Self-Invested Pension industry. It was with a slight sense of trepidation that I took on Investment Sense’s invitation to consider whether the Financial Ombudsman Service’s decision to uphold a complaint in respect of a Sustainable AgroEnergy investment could be described as a game-changer for the SIPP industry. It is worth considering what the term game changer means. ...

SIPPs: Warning for investors as complaints rise

SIPPs: Warning for investors as complaints riseThe Financial Services Compensation Scheme (FSCS) has reported a rise in the number of complaints relating to SIPPs (Self-Invested Personal Pensions) and at the same time has issued a warning to investors. The FSCS compensates investors for poor advice, when a complaint is upheld, but the original adviser is no longer trading. Figures released this week show that complaints relating to pensions and investments are up 15% over the past year. The FSCS has said the increase is down to the number of complaints relating to ...

Warning for payday loan companies

The payday loan industry faces fines and closures if it does not improve the way it does business. An interim report by the Office of Fair Trading (OFT) says that many payday lenders are not operating by the rules particularly when it comes to lending policy and the collection of debts. The full report will be published in February when the OFT has completed its’ investigations, however the interim report, published yesterday, has fuelled concerns about the practices of some payday lenders. Payday lender concerns The interim report comes after the OFT visited the 50 largest payday loan lenders, but it will be expecting ...

Complaints to the Financial Ombudsman Service double

New figures published by the Financial Ombudsman Services (FOS) have shown a dramatic increase in the number of complaints they have received over the past quarter. Around 70% of the complaints received by FOS over the past three months have been in relation to Payment Protection Insurance (PPI), sold to cover loans and credit card repayments in the event of illness or unemployment. During this period the number of complaints received by FOS in respect of PPI mis-selling averaged more than 900 per day, this period saw the High Court decision and judicial review on PPI and the decision by the British ...