FOS reports rise in annuities and income drawdown complaints

clock

Complaints to the Financial Ombudsman Service (FOS) about annuities and income drawdown products have accelerated since the March Budget, new figures have shown.

FOS' half yearly complaints data listed 408 new annuity claims and 108 income drawdown gripes between April and September. Although uphold rates - the number of cases the FOS decides in favour of the consumer - were down, the numbers of new cases in the half year suggest 2014 will top the previous year's overall figures. In the previous full year - between April 2013 and March 2014 - the FOS received 601 complaints about annuities and 169 new income drawdown cases. The FOS only lists those products about which it has received and settled at least 30 complaints. However, the data...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Brewin Dolphin attracts record fund inflows amid strong performance

Brewin Dolphin attracts record fund inflows amid strong performance

Wealth manager drew in £4bn of capital in the year to the end of September

Pedro Gonçalves
clock 24 November 2021 • 2 min read
Trustpilot