The Financial Ombudsman Service (FOS) has said it will take into account good practice at the time an annuity was sold when judging complaints as it highlighted the variety of grievances it handles.
Complaints about annuities do not dominate the Ombudsman's work - almost 50 other products were complained about more frequently between April and December last year - but, as the issue is topical, it has flagged common issues it finds. In its most recent newsletter, it said the complaints it handles are often about the advice a consumer received about which annuity is most suitable for them, or about the administration of their annuity. Complaints usually centre around the level of income they receive from their pension plans, but the FOS pointed out there are several reasons for thi...
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