There are no doubts we need to get dashboards correct. However, the delays on the project, coupled with economic uncertainty and question marks over the longevity or security of the pension changes in the Budget, do little to provide good consumer outcomes as prescribed by Consumer Duty.
Is the financial services complaints system broken?
Both consumers and firms cite flaws in the process but adding a further layer risks ramping up costs
By Amanda Newman Smith 4
Shutterstock / Jane Kelly
If companies fall short of their customers’ expectations, those customers have a right to complain but the process needs to be fit for purpose.
Complaints about financial advisers and product providers are made initially to those firms, then escalated to the Financial Ombudsman Service (FOS). Complaints specifically about personal or occupational pension schemes can go to The Pensions Ombudsman (TPO).
Both organisations were established by parliament to provide free and impartial resolution of complaints as an alternative to the courts. Both have internal processes to go through if complaints are still unresolved but, after that, options are few and external scrutiny is limited.