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Wednesday 4th July 2007
The number of complaints about personal pensions providers has soared by 43 per cent over the past year, according to the Pensions Advisory Service (TPAS), leading the advice service to say the system must be updated.
While administration grievances constituted over 30 per cent of complaints filed, TPAS has said that it is not the whole sector that is at fault and claims that a new system of regulation could solve the problem.
TPAS received 1,100 complaints in total about private pensions and around half of those related to closed schemes, which the organisation believes is where the main problem lies.
Malcolm McLean, chief executive of TPAS, said: "There needs to be an improvement. They're taking people's money and they do have to provide a service.
"We've said if this carries on at the level it seems to be happening at the moment then somebody needs to step in on this, and that would be one of the regulators - probably the Financial Services Authority (FSA).
"We have obviously drawn these problems to the attention of the FSA and we wait and see what, if anything, they might do about it."
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