Ombudsman News and new FOS UCIS pages

The latest edition of Ombudsman News highlights the recent complaints data we’ve previously reported on, and gives guidance on complaints relating to UCIS. FOS is seeing increasing complaints about advice to transfer personal pensions into SIPPs for the purpose of investing in a UCIS. Complaints allege that the SIPP provider has not carried out enough due diligence before admitting UCIS to a SIPP. that administrative issues have arisen because of the investments’ illiquid nature and that UCIS investments have failed. FOS explains the stance it will take to investigating complaints, and why it has jurisdiction to do so.