DB transfer complaints to ombudsman jump 44% in 2020

Jump from 554 in 2019

Sophie King
clock • 2 min read

The Financial Ombudsman Service (FOS) received 44% more defined benefit (DB) transfer complaints in 2020 than it did in 2019.

A Freedom of Information (FOI) request submitted by Professional Adviser found the FOS, which categorises complaints about DB transfers as occupational pension transfers in its systems, received approximately 554 new complaints in 2019, where the complaint issue contained the word ‘mis-sale'. The FOS said that any complaints about unsuitable advice given by financial advisers are likely to contain the word ‘mis-sale'. This includes complaints surrounding appropriateness, condition of lending, pressurised sale, product not explained, recommendation letter, suitability report or the suitab...

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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

'Cautious' wealth managers reduce exposure to US following Trump's return

'Cautious' wealth managers reduce exposure to US following Trump's return

Biggest negative US sentiment swing for 15 years

Sahar Nazir
clock 02 April 2025 • 1 min read
Titan Wealth snaps up Workplace Advice Group

Titan Wealth snaps up Workplace Advice Group

Acquired business will ‘work closely’ with Titan Wealth Planning

Sahar Nazir
clock 01 April 2025 • 2 min read
FSCS deposit protection limit could rise to £110,000

FSCS deposit protection limit could rise to £110,000

Proposal would take effect from December 2025 if approved

Sahar Nazir
clock 31 March 2025 • 2 min read