The number of complaints officially filed in the UK regarding pension issues has fallen, the Financial Ombudsman Service (Fos) has reportedly stated. However, savers' complaints are getting more complicated.
IFA Online reports that the Financial Ombudsman Service’s experience is out of line with the current perception of the UK pensions sector and that, despite the prevalence of high profile pension problem news recently, it is not inundated at all and that complaints are actually falling slightly.
The surprising revelation comes amid a backdrop of intense media coverage that has routinely used phrases such as ‘timebomb’ and ‘crisis’ to describe the state of UK retirement provision.
However, the agency also says that complaints are becoming more complicated and that a significant proportion continues to be about pension fund withdrawal. Furthermore, accusations of poor advising and inadequate explanation of risk levels also continue to be key issues.