ABI says it is concerned by pension withdrawal behaviours

The Association of British Insurers has published a report entitled Future Proofing The Freedoms: Supporting Customer Decisions About Pension Withdrawals. The report indicates widespread concern amongst pension providers about the ways consumers are choosing to access their pension savings. Furthermore, large numbers of people are making decisions on how to access their pots without receiving professional advice, or even consulting the Pension Wise guidance service.


FOS annual data shows significant rises in complaints about credit and pensions & investments

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.


A New Consumer Duty (CP21/13)

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.

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