Annuity complaints fall to pre-pension freedom levels

All other pension complaints up

Tom Ellis
clock • 2 min read

The number of annuity-related complaints handled by the Financial Ombudsman Service (FOS) between April and June has dropped to lower levels than before pension freedoms were introduced, while all other pension complaints were on the rise.

In the four quarters prior to the announcement of the pension reforms by then-Chancellor George Osborne in April 2014, the average number of new annuity cases was 150 per quarter. Between April and June this year the FOS received 128 new cases. The number of new annuity complaints was still rising this time last year but, more than two years after Osborne's reforms were announced, they have now fallen to pre-pension freedom levels. A complaint is only handled by the FOS if it is unsettled at firm level. The uphold rate of annuity complaints also dropped to 13%, down from a 20% aver...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

The advice/guidance boundary review: More shades of grey?

The advice/guidance boundary review: More shades of grey?

'The feedback to the FCA is clear: rules are preferred to guidance'

Nina Cherry and Aneta Murdza
clock 09 April 2024 • 4 min read
Unauthorised director to hand investors £1.6m following FCA probe

Unauthorised director to hand investors £1.6m following FCA probe

Amount secured for investors by the FCA following High Court approval

Isabel Baxter
clock 04 April 2024 • 1 min read
Advisers sound positive note on LTA changes but flag need for support

Advisers sound positive note on LTA changes but flag need for support

The LTA will be abolished this week at the end of the tax year

Hope Coumbe
clock 02 April 2024 • 1 min read