First Actuarial has called for a “fairer" Financial Ombudsman Service (FOS) as its finds pension redress remains at “historic low".
The organisation said the ongoing review of the FOS offers a "significant opportunity to rebalance the relationship between consumers and advisers in pension redress cases". The firm called for a "fresh approach" to assessing whether to uphold complaints about pension transfer advice, proposing that assessments consider a range of factors including the current "historically low" redress payments. It added in many present-day cases, the consumer is assessed to be better off due to the advice to transfer and these cases are emerging against a backdrop of falling redress payments. Fir...
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