In a 2018/19 budget consultation paper released today the Financial Ombudsman Service (FOS) has warned that it is expecting to receive more complaints than the budget it has available to deal with them.
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.
Pensions are complicated enough for providers, advisers and clients to administer and understand.
As we all know the FCA issued a consultation on the Financial Services Compensation Scheme (FSCS) funding under CP16/42 and this is under review. The last time these rules were reviewed was in March 2013.
Having just had the last Spring Budget, delivered by a very humorous Chancellor Philip Hammond, it is back to the day job, with thankfully few further changes to our ever complex pensions regime.
As I am getting older, I don’t know if my tolerance levels are lower than they once were but at the moment, every time I read a story about the number of SIPP complaints being received by The Financial Services Compensation Scheme and Pensions Ombudsman it makes my blood boil.
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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