Defined Benefit  

More than half of DB transfer advice complaints upheld

More than half of DB transfer advice complaints upheld

More than half (52 per cent) of complaints about defined benefit transfers were upheld in 2021/22, according to the Financial Ombudsman Service.

The Fos's annual complaints data, which ran between April 2021 to March 2022, published today (June 28), found DB transfer complaints, personal pensions, stocks and shares ISA and standard investments were the top five most complained about products when it came to financial advisers.

The total number of new complaints about financial advisers for the year was 1,823, compared to 2,774 for 2020/21. 

Of these, 232 were about DB transfers, excluding transfers into a self-invested personal pensions, and had an uphold rate of 52 per cent with 92 complaints resolved.

In comparison, for DB transfers into a Sipp, there were 117 complaints with an uphold rate of 67 per cent and 38 resolved.

There were 163 new complaints for personal pensions, with an uphold rate of 42 per cent and 182 resolved, followed by 145 for stocks and shares ISA with an uphold rate of 31 per cent and 187 resolved.

In addition, there were 127 new complaints about standard investments with an uphold rate of 32 per cent with 88 resolved. 

The Fos data also published the uphold rate for different complaint types with mis-selling and suitability of advice topping the list with almost half of the complaints upheld (49 per cent) and 570 resolved.

Administration and customer service came second with 29 per cent and 687, followed by charges, fees and commission (23 per cent), mis-sale (15 per cent), and product not explained (15 per cent). 

Elsewhere, the data also found scammers and issues with customer service were the most complained about problems, with current accounts the most complained about product overall.

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