The number of gripes the Financial Ombudsman Service (FOS) received about personal pension plans in the last year was up by almost a quarter on the year before, as consumers complained about administration failures and advice, latest figures show.
In its annual review FOS said it had received about 1,985 complaints about personal pensions in the year to March, up 23% on the previous year. Half of the complaints related to administration issues post pension freedom with the other half being about the suitability of financial advice, it said. Consumer gripes about self-invested personal pensions (SIPP) and small self-administered schemes (SSAS) were also up by 14%, reaching new highs of 1,174 claims. Annuities and income drawdown, on the other hand, were less complained about, falling 2% and 11% respectively, despite indicatio...
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