This week the FCA has announced that it will begin a consultation on the method used to calculate redress in complaints brought by former final salary scheme members over poor advice they received on their transfers out of schemes. The current redress method was put in place in the 1990s and is intended to put consumers back in the position they would have been had they stayed in the final salary scheme. Following consultation, changes […]
Pension Transfer Complaints
In recent years the Financial Conduct Authority (“FCA”) has had significant concerns over operators of Self Invested Personal Pensions (SIPPs) and advisers offering these products or investments in them. In 2013 the FCA issued guidance to SIPP operators and, in 2014, issued a warning letter directly to SIPP operators over continuing failures by them to meet their professional obligations in relation to the sale of certain SIPP investments. The FCA has recently banned and fined […]
Problematic Pensions – Where to complain?
We regularly receive enquiries relating to pensions and investment disputes that have not been successfully resolved with the provider or administrator. One of the first questions to address is which is best body to refer a complaint to, if litigation is not appropriate. There are fundamental differences between the forums which can materially affect the outcome of a complaint. This article therefore takes a look at the three main organisations that consider pension and investment […]