Complaints to the Financial Ombudsman Service (FOS) about annuities and income drawdown products have seen an uptick the since the March Budget, new figures have shown.
FOS half yearly complaints data listed 408 new annuity claims and 108 income drawdown gripes in the months April to September. Although uphold rates - the number of cases the FOS decides in favour of the consumer - were down, numbers of new cases grew faster than in the previous year, when the FOS received 601 complaints about annuities and 169 new income drawdown cases within 12 months (April 13 - March 2014). The FOS received 624 annuity claims in 2012/13 and 511 in the year before. It received 189 income drawdown cases in 2012/13 and 94 in the previous year. The FOS only lists t...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes