DBP Transfer Investigations Decline Whilst Complaints Rise
A freedom of information request made by consultancy, Duff and Phelps revealed that 2020 has seen a decrease in the number of defined benefit pension transfer investigations by the FCA. This year, there has been just 11 investigations made by the FCA into DBP transfers, a reflection of the decline we have seen over the past 3 years.
However, despite this decline in investigations by the FCA, the number of consumer complaints made to the FCA against firms has risen by 26%.
As well as inquiring to the FCA, Duff and Phelps also made a FOI request to the Financial Ombudsman Service (FOS). This inquiry also saw that whilst consumer complaints we’re up, investigations we’re down with 554 complaints in 2019 from 441 in 2018, a 26% increase. Complaints for 2020 currently stand at 504 for the period between January and August 2020 and are likely to surpass those recorded in 2019.
The number of cases being upheld in favor of the consumer in contrast to the number of complaints being made is decreasing year on year with 46% in 2018, 41% in 2019 and 40% in 2020—with 203, 227 and 202 complaints upheld, respectively.
If you, or someone you know has been the victim of a pension scam, please get in touch.