The number of advised client complaints about pension transfers made to the Financial Conduct Authority (FCA) fell by 5% in 2020 compared to the previous year, Professional Adviser can reveal.
In a Freedom of Information (FOI) request submitted by Professional Adviser, the financial watchdog revealed it received 64 complaints from clients of advisers who were dissatisfied with the pension transfer advice they received in 2019. However, this year (up to 3 November), the FCA confirmed it had received 61 contacts from clients complaining about similar issues, roughly a 5% decrease compared to the year before. For most of the time, the regulator does not process general complaints unless they are directly against the FCA and which meet the requirements of its complaints scheme....
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