Tag Archives: FOS

The pension transfer mess: who pays and what’s paid?

Posted on July 22, 2022 by henry tapper

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 →

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Positions on redress for British Steel workers harden.

Posted on June 23, 2022 by henry tapper

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 →

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How a British Steel redress scheme might work.

Posted on January 24, 2022 by henry tapper

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 →

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Nick Smith MP is right – the British Steel pension transfers are a special case.

Posted on January 22, 2022 by henry tapper

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 →

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All messed up and nowhere to go – DB transfer compensation

Posted on October 19, 2021 by henry tapper

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 →

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Are SIPPs just too complicated?

Posted on August 23, 2018 by henry tapper

  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 →

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What are we to make of the Financial Ombudsman?

Posted on June 13, 2017 by henry tapper

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 →

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Why the FCA should take a leaf out of tPR’s book.

Posted on July 30, 2015 by henry tapper

  The Pensions Regulator have been re-born over the last five years and become focussed on helping advisers, trustees and employees solve pension problems. They have started treating us as  customers and not potential criminals. Sadly, this attitudinal shift doesn’t seem … Continue reading →

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