The FCA has told advisers to make clients aware of their right to refer complaints to the The Pensions Ombudsman, not just the Financial Ombudsman Service.
Currently, advisers must notify clients that they can complain to the FOS if they believe they have been miss-sold, but are not required to signpost TPO.
While complaints over pensions advice normally go to FOS, eligible complaints, for example about pensions administration and quotations, fall under TPO’s jurisdiction.
In guidance published today, the FCA says: “Some complaints about personal pension schemes may be considered by the Financial Ombudsman Service or by TPO. The schemes updated their memorandum of understanding which refers to this overlap in December 2017.
“We consulted on adding guidance to [the handbook] relating to firms making eligible complainants aware of TPO, and their right to refer their complaint to TPO, where relevant, in addition to requirements regarding the Financial Ombudsman Service.”
The TPO has historically dealt with complaints related to administration rather than advice, but the responsibility will lie with advisers to direct clients to the most appropriate complaints agency.