Last chance to have a say on pension complaints handling

Tuesday 14 February 2023

Less than 10 days remain for islanders to have their say on proposed changes to the way pension-related complaints are dealt with by the Financial Services Ombudsman.

It is hoped the proposed changes – which include bringing complaints about any Jersey occupational pension scheme into the scope of the Ombudsman – will improve the service provided to consumers and enhance Jersey's reputation as an international finance sector.

A consultation is underway as part of the government’s attempt to strengthen protection for consumers’ rights by developing a new legislative and regulatory framework for Jersey’s pension market.

Assistant Chief Minister Elaine Millar, who is one of the Ministers with newly allocated responsibility for financial services, said: "Giving consumers access to a free and independent complaints resolution authority will ensure there are consistent standards of delivery across the market, ensure a better service for members, and enhance our Island’s reputation as an international finance sector.

"As an island, we are proud of our pension industry and our public sector’s reputation for first-rate service delivery of members’ pension arrangements, and we are committed to ensuring this deserved reputation is maintained; the Office of the Financial Ombudsman will be key to delivering this."

The key proposals include:

• Bringing complaints about any Jersey occupational pension scheme into the scope of the Ombudsman, including the Jersey public sector employee schemes.

• Bringing employers, trustees or managers of any Jersey pension scheme into scope, including the government’s Treasury Department by way of its statutory role as administrator of the Public Employee Retirement Scheme and the Public Employee Pension Scheme.

• Narrowing down the definition of a pension-related complaint only to those relating to the establishment or operation of a Jersey tax approved pension scheme (any mis-selling or bad advice complaint relating to a Jersey pension arrangement will be dealt with instead as a financial service business complaint).

• Introducing a UK Pension Ombudsman framework for pension-related complaints with the Ombudsman’s compensatory powers for such complaints being uncapped and with power to direct monetary awards to be paid to a member’s pension pot or for the complainant’s pension rights or scheme benefits under the pension scheme to be put right.

Click HERE to take part in the consultation.