The Financial Ombudsman Service’s annual complaints data for the 2020/21 financial year show that the organisation received 278,033 new complaints during the 12 months to March 31 2021. This represents an increase of just 2% compared to 2019/20, but this doesn’t tell the full story, as payment protection insurance complaints have fallen by almost two-thirds, from 122,153 to 42,040.
Additional research highlights the pension gender pay gap, and also how many savers don’t engage with their pension
New research by Legal & General has highlighted the gender gaps that still exist when it comes to pension provision.
The FCA published a consultation paper on 14/05/2021 wherein it proposes to introduce ‘higher levels of consumer protection’ for firms whose regulated products or services are sold to ‘retail clients’ the FCA define this as all clients other than ‘professional clients’ who are large corporate entities and government bodies, this means SMEs are included within the Consumer Duty rules. The most significant proposal within this consultation includes the FCA seeking to implement an established duty of care between retail clients and regulated firms.
FCA rejects claims management authorisation application over concerns about links to a previous firm
The Financial Conduct Authority has rejected an application for authorisation from a claims management company. Its principal concerns were over the competence of the firm’s director and over another individual – the director’s husband – who was connected to a firm that was subject to FCA action in the past.
The High Court has rejected the scheme of arrangement proposed by a large guarantor lender. This comes despite the firm’s creditors voting to approve the scheme, under which they would have received much less for their complaints claims than would have been the case under normal circumstances – they might have received as little as 10p per £1.
Does your firm need advice with FCA regulation? Could you benefit from compliance support? If so, contact Scott Robert on 0161 914 5727.
The Financial Ombudsman Service’s ombudsmen make many adjudications that result in firms losing their case and being ordered to pay compensation to customers.
ICO fines credit card company after it tried to describe marketing emails as servicing communications
The Information Commissioner’s Office has imposed a £90,000 fine on a major credit card provider after it sent 4.1 million marketing emails to customers who hadn’t consented to receiving communications of this nature. The firm’s misconduct continued over a 12-month period between June 1 2018 and May 21 2019.
The Financial Conduct Authority says it is concerned that “consumers often fail to make the most of their pensions”. It has launched a Call For Input, aiming to understand consumer behaviour at key points in the pension saving journey in order to improve pension outcomes.
Leading experts have given their views on how the issue of firms’ treatment of vulnerable customers has evolved over time.