The percentage of professional complaints about pensions and annuities to the Financial Ombudsman Service - including from claims management companies - showed a surprise fall in the latest quarterly period, in marked contrast to a surge in professional complaints overall.
Four Financial Planning and wealth management firms are included in the table of most complained-against financial services firms published by the Financial Ombudsman Service for the first half of 2023.
The Financial Services Compensation Scheme (FSCS) has received 733 claims against Berkeley Burke Sipp Administration Limited (BBSAL).
We are coming up to 12 years since the introduction of pension simplification and although it seemed at the time not to solve or simplify much I would go back to that day in a heartbeat.
I can’t help but feel a bit cheated when I am sat in the office on Budget day waiting for some surprise pensions announcement by the Chancellor and there is not only no surprise, but the word pension is only mentioned twice in the whole speech.
One thing that makes my blood boil is the blame SIPPs get every time there is a release of information on complaints.
The financial ombudsman has rejected a complaint from an investor over HSBC's £9,000 commission for setting up his Sipp.
Despite a rise in overall complaints, the Financial Ombudsman says that the number of complaints it handled on pensions and investments for the year to March fell from 19,834 to 15,938.
The Financial Ombudsman is set to release figures tomorrow showing a rise of approximately 50% in the number of Sipp complaints it has received in the past year, with growing concerns about Ucis.
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