Transfers between personal pensions

Consumers may complain, for example, that when you advised them to transfer their pension benefits, you:

• didn't inform them they’d lose the guarantees in their existing personal pension arrangement – such as guaranteed annuity rates (GARs)
• didn't explain that the value of their plan might fall if a market value adjustment (MVA) was applied to their with-profits pension fund
• didn't tell them they might pay higher charges by redirecting their pensions contributions
• exposed them to unsuitable types of investments in the new arrangement

We can only look at complaints which involve:

• financial advisers and pensions providers, who are regulated by the Financial Conduct Authority (FCA), and
• unsuitable advice or in some cases administrative errors

If we can't deal with a complaint about a workplace pension, we'll let the consumer know and where appropriate refer them to the Pensions OmbudsmanOpens in new window.

Good complaint handling can repair a relationship, help build trust and confidence in financial services, and give customers a better understanding of your financial products.

You should ensure your complaint handling teams fully understand:

• The requirements of the Consumer Duty 
• What to send us when we're dealing with a complaint about your firm

Our decisions database holds all the final decisions we’ve published since 1 April 2013. They're anonymised to protect the identity of complainants but are based on real-life complaints, so will give you a good picture of how we resolve disputes.

Our complaints data will give you an idea of the volume of complaints we receive and resolve, and the proportion that we have upheld in consumers’ favour.

We only look at complaints you've had an opportunity to look into first. If the consumer is unhappy with your decision, or you don't respond to them within the time limits, they can come to us. We'll look at the facts and evidence from both you and your customer and consider:

• any relevant laws and regulations
• the regulators’ rules in place when the event happened
• guidance, standards and codes of practice in place at the time of the event
• the reasons for the transfer and why you thought it was in the consumer's best interests
• the suitability of investments in the new arrangement
• any information you gave the consumer at the time of the transfer, including on the upfront and ongoing costs of the new arrangement

We follow the FCA’s dispute resolution rules (DISP) and will take into account how you’ve tried to put things right. We’ll also consider whether the sale was by a 'tied' representative of a product provider, or an independent financial adviser.

If we uphold a consumer's complaint, we'll tell you what you need to do to put things right. 

Businesses and consumer advisers can contact our Business Support Hub on 020 7964 1400 for information on how we might look at a particular complaint, or for guidance on our rules and how we work.

We also work with businesses and other organisations to help prevent complaints.