The Financial Ombudsman Service has seen a 30% increase in complaints about “authorised” payment scams in the second quarter of this financial year compared to the same period last year.

The Financial Ombudsman Service has reported a “dramatic” 66% rise in fraud and scam complaints in the first quarter of its 2021/22 year.

Pension adviser Portal Financial Services LLP has shut its doors to new business following a string of complaints to the Financial Ombudsman Service, many brought recently by Claims Management Companies.

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.