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Pension providers: which are the most complained about?

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03/09/2013
The Financial Ombudsman Service (FOS) received more complaints about Phoenix Life than any other life and pensions provider in the six months to 30 June 2013.

Data released by the FOS shows Phoenix, part of closed life fund consolidator Resolution, was the subject 364 life and pensions complaints, while Aviva was a close second with 362.

Consumers complained about Prudential 309 times, followed by Legal and General (219), Sun Life Assurance (200), Royal London (199), Zurich (186), ReAssure (179), Barclays Bank (176), Lloyds TSB (172), Bank of Scotland and Friends Life (169 each), Abbey Life (161), Co-operative Insurance Society (148), and Standard Life (142).

However, Phoenix only lost 27% of the cases against it.

The life and pensions complaints most often resolved in favour of the consumer, resulting in a charge on the provider of up to £150,000, were those against Friends Life (52%).

This was followed by complaints against Countrywide (44%), Scottish Equitable (35%), Barclays Bank and Santander (33% each), and Aviva (30%).

There was a 3% decrease in complaints about insurance products in general.

FOS chief executive and chief ombudsman Natalie Ceeney said: “We are seeing encouraging signs from some major businesses that are starting to recognise the value of getting things right for their customers, with an increased focus on sorting out problems and concerns as quickly as possible.”

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