Complaints about annuities are continuing to rise more than a year after the Chancellor announced a reform of the retirement income market, according to the latest figures from the Financial Ombudsman Service (FOS).
There were 245 new cases handled by the FOS between April and June, up a third on the corresponding period last year. In the four quarters prior to the announcement of the retirement reforms in April 2014, the average number of annuity cases was 150. A complaint is only handled by the FOS if it is unsettled at firm level. The Service's annual figures for 2014-15, published in May, indicated a rising trend in annuity gripes following the government's pension reforms. The Chancellor announced in his 2014 Budget speech he would open up the retirement income space, allowing savers u...
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