During a colonoscopy one finding was polypoid fragments of colonic mucosa with submucosal lipoma. is this of any concern?

No concens: Lipoma is a benign tumor. It should not cause any problem.

No concern: A submucosal lipoma of the colon would be of concern only if it were large enough to cause obstruction. If small and biopsy proven to be a benign lipoma, it can be left intact and observed.

NO , if there is: No cancer , some times ulcerative colitis manifest as polypoid appearance ( pseudopolyps ) , most likely you need closer observation, speak to your doctor , will explain to you and clear your fears.