Savers face 'complaints gap' on pensions guidance

Retirees will have little comeback if they receive poor guidance outside of the Treasury's Pension Wise service, lawyers have warned.

Last month, it was revealed the Parliamentary and Health Services Ombudsman (PHSO) would oversee Pension Wise as it handles complaints related to services provided by government. But there is no recourse for people who receive what could be construed as similar guidance from providers or advice firms, as this would not be regulated by the Financial Conduct Authority (FCA). Charles Russell Speechlys' head of pensions Penny Cogher said: "Although the FCA currently states it will have no enforcement powers in relation to the guidance guarantee providers, it will still be responsible for ...