It was announced last month that the Pensions Ombudsman and the Financial Ombudsman Service (FOS) have signed an updated Memorandum of Understanding to ensure that any individual with a pension complaint is aware of both organisations, and directed to the right one.
The essence of the agreement is that the Pensions Ombudsman deals with complaints about the administration and/or management of both occupational and personal pension schemes, while FOS investigates complaints about advice received when taking out a pension. Further detail is set out in a new explanatory leaflet.
Comment: This is a welcome development. Exactly how the Pensions Ombudsman’s jurisdiction interacts with that of FOS has been a vexed question over the years, which many feel has never been satisfactorily resolved. Note that the new leaflet provides a useful summary of the key functions of, and differences between, the two organisations.