The Pensions Ombudsman (TPO) and the Financial Ombudsman Service (FOS) have signed an updated version of their Memorandum of Understanding (MoU) to improve co-operation and exchange of complaints information.
TPO deals with complaints and disputes that concern the administration and/or management of both occupational and personal pension schemes, while FOS investigates complaints about the advice received when taking out a pension.
The MoU aims to ensure anyone with a pension complaint is aware of the organisations and is directed to the right body so their complaint is handled properly.
The MoU acknowledges both organisations have jurisdiction over different yet some overlapping areas of pensions, and co-operation will lead to a better resolution of complaints.
After 12 months the MoU will be reviewed to assess how it is working.
Meanwhile, the Financial Conduct Authority (FCA) has launched a consultation on changes to the FCA Handbook rules for authorised firms in respect of signposting consumers to TPO as well as FOS.
The consultation closes on 1 February 2018 with any changes due to come into effect on 1 April 2018.
TPO Anthony Arter said: "As you may know we have been working with the FOS to review the language used in the MoU, to help make it clearer for customers. The MoU between TPO and the FOS has now been updated.
"This important document should ensure that the customer is aware where they can go to when they need help to resolve their pension complaints.
"In addition, we are extremely pleased that the FCA has detailed its plans to update signposting to the public and pensions industry to provide clarity in respect of the services provided by the two organisations.
"We welcome the decision that the MoU will be reviewed after 12 months to ensure that the updated MoU is working well for the benefit of both the public and the pensions industry."
Details of the updated MoU are set out in explanatory leaflet on the organisations' respective websites.
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