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Alliance Trust Savings tops FCA pension complaints list

Alliance Trust Savings has received the proportionally highest number of complaints among pensions companies, according to the latest FCA data.

ATS had 21.6 complaints per 1,000 policies in force, according to the latest numbers for the second half of 2016.

A total of 10 in every 1,000 client accounts at ATS complained about investments over the period.

Old Mutual Wealth, Abbey Life and Prudential also received a high number of proportionate complaints, with 4, 2.5 and 2.3 complaints per 1,000 policies respectively.

Phoenix topped the most frequent investment complaints list for major providers, with 19.9 complaints per 1,000 client accounts, followed by Sun Life with 11.1.

Complaints about Sesame appear to be subsiding. A total of 596 were opened in the second half of last year, 95 on pensions and 231 on investments, compared to 829 in the second half of 2015.

A respite on redress

Firms facing complaints over pensions paid out £15m less in compensation in the second half of last year.

For the six months to June last year, decumulation and pension complaints resulted in £36.6m in redress, the FCA says. This fell to £21.4m for July to December.

A further £1.3m in redress was paid out for decumulation complaints.

The fall in compensation is despite the fact that, under new FCA rules, more complaints will have been reported in the second half of 2016 as previously complaints closed within one business day were not included in the data.

However, investment-related redress jumped a third from £43.5m to £58m.



Apfa boss talks tackling compensation culture

The FCA published its long-awaited review of funding for Financial Services Compensation Scheme levies just before Christmas. Underlying the wide range of proposals is an encouraging recognition that the current system is neither sustainable nor fair. However, it lacked attention to an issue of utmost importance: the level of compensation. The FCA is right to […]


FCA: 90,000 customers in line for enhanced annuity compensation

The FCA’s review of enhanced annuity sales could see 90,000 customers receive compensation for misselling. The regulator has confirmed that from its review of the annuity market released this morning, it can estimate that the number of customers in line for redress is approaching six figures. As part of an investigation of 1200 non-advised sales […]

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FOS orders Openwork to pay compensation over unsuitable charges

Openwork must compensate a client who complained about receiving unsuitable investment advice and claimed they were misled about charges. An Openwork adviser recommended the complainant, Mr M, transfer his existing bond and Isa to another provider with the client understanding charges for the new arrangement would be “broadly the same”. However, when he received the […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]


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