Tag Archives: FOS
Investment transfer market needs a regulatory crackdown
Interviewed by the Financial Times https://t.co/7tGzD4fcFF — Henry Tapper (@henryhtapper) September 9, 2023 I had thought to post Simon’s original blog about his treatment as he tried to transfer his pension savings from one wealth platform to another. But I … Continue reading
The pension transfer mess: who pays and what’s paid?
There’s an irony to PAC’s assertions. It was extremely critical of the FCA in almost every aspect but never even questioned a key one: the FCA’s own assessment that transfers were very widely unsuitable at BSPS. This is now being … Continue reading
Positions on redress for British Steel workers harden.
The FCA is in an awkward position as it consults on the redress it is looking to pay to British Steel workers who claim they were advised poorly to leave the BSPS scheme. On the one hand they have disgruntled … Continue reading
How a British Steel redress scheme might work.
Stuart Fowler has produced a counter-argument to that I put forward last week, it was published before my blog and I can’t say that my blog would have changed Stuart’s argument. I will ask Stuart for permission to publish it … Continue reading
Nick Smith MP is right – the British Steel pension transfers are a special case.
The overall uphold rate for all BSPS cases to the Financial Ombudsman Service is around 63% in favour of steelworkers, including complaints relating to administration or delays. This compares with an overall FOS uphold rate of 40% for all cases … Continue reading
All messed up and nowhere to go – DB transfer compensation
The FCA announced yesterday that it was writing to a further 950 DB pension advice customers potentially entitled to compensation. The FCA has now written to a total of 3,591 defined benefit (DB) pension transfer advice customers this year to tell them they may be entitled to compensation. And it … Continue reading
Are SIPPs just too complicated?
News yesterday that complaints about SIPPs (Self Invested Personal Pensions) are now upheld by the pension ombudsman more than any other financial product. The number of new complaints to the Financial Ombudsman Service concerning Sipps has nearly doubled in … Continue reading
Posted in pensions
Tagged Financial Ombudsman, FOS, pension, pensions, Port Talbot, self-invest, SIPP
7 Comments
What are we to make of the Financial Ombudsman?
The Financial Ombudsman’s annual report – published yesterday – shows strong demand for its services. But the perception of what FOS does seems to be wider than it should be. Many people use FAS as a money advice service , … Continue reading
Posted in advice gap, pensions
Tagged Financial Ombudsman, FOS, Ombudsman, personal pensions
5 Comments