13 February 2023
slanders are being reminded that they have ten days left to give their opinion on proposals
to enhance the Financial Services Ombudsman’s powers in dealing with pension related
complaints.
Consultation details
A consultation is underway as part of Government’s commitment to protect consumers’
rights by developing a comprehensive legislative and regulatory framework for Jersey’s
pension market.
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 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 what is 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.
Ministers comment
The Assistant Chief Minister, Deputy Elaine Millar, said: “This will mean that all Jersey tax approved member pension arrangements will benefit from access to Ombudsman as a free
and independent dispute resolution service and it should enhance the service provided to
consumers in relation to their pension arrangements.
“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.”
Deadline
Islanders have until 23 February to submit their views on the proposals, which are available
on the Governments consultation website.
gov.je