The number of annuity-related complaints dealt with by the Financial Ombudsman Service (FOS) is continuing to drop, according to the latest data from the organisation.
The figures for the second quarter of the 2016/17 financial year show 106 new annuity-related cases were opened with the FOS between July and September this year - a further 17% drop on the pre-pension freedom levels it saw in Q1. Although fewer cases were opened in the last quarter than between April and June, the uphold rate in Q2 (27%) is double the Q1 figure (13%). The average uphold rate of annuity cases was 20% throughout 2015/16. Personal pension complaints rose again, however, with 532 new complaints opened in Q2, compared with 461 in the first financial quarter of 2016. Both of ...
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