Ireland. Pensions complaints process needs more teeth
Have a complaint about an investment? You can bring it to the Financial Services and Pensions Ombudsman (FSPO) and potentially benefit from compensation of up to €500,000. Have such concerns about a pension, however, and you can bring it to the same office, but don’t expect a windfall, even if you should be due one.
Yes, it’s a curious state of affairs that the FSPO has greater oversight to award compensation against a wide range of financial services providers, including banks, investment advisers and insurance companies, but its powers are so limited when it comes to pensions.
Indeed this year, pensions only accounted for 4 per cent of overall complaints to the FSPO, according to its annual review published on Tuesday. But is it because the pensions industry is near-flawless in its treatment of savers? Or is it rather because the FSPO’s hands are so tied when it comes to dealing with complaints?
Up until the end of 2017, the Pensions Ombudsman operated as a separate entity, but was amalgamated with the broader financial services sector from January 1st, 2018. When this happened, the legislative remit of the old Pensions Ombudsman was simply carried over.
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