Pension Transfer Complaints Spiked In Last Fiscal Year

Law360, London (October 9, 2019, 4:32 PM BST) -- The number of consumer complaints about financial advisers giving faulty guidance on pension transfers surged 44% in the fiscal year that ended in March, new data released Wednesday showed.

The Financial Ombudsman Service, which deals with consumer grievances, received 798 complaints during the last fiscal year, compared to 553 complaints in the previous year, according to data obtained by consultancy firm Duff & Phelps as a result of a freedom of information request.

The percentage of cases that were settled in favor of the consumer also rose — up to 39% from 30% in 2018.

The new data shows that pension...

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