Publication
Essential Corporate News – Week ending 10 January 2025
On 20 December 2024, the Financial Conduct Authority published PS24/17, Enhancing the National Storage Mechanism (NSM).
Ombudsman publishes annual report and accounts for 2022/23
United Kingdom | Publication | January 2024
On December 14, 2023, the Pensions Ombudsman published its Annual Report and Accounts for 2022/23.
The report highlights the continuing increase in demand for the Ombudsman’s services, with the number of complaints received increasing by 17 per cent from 6,216 in 2021/2022 to 7,280 in 2022/23. The Ombudsman also increased the number of complaint closures by 49 per cent compared to the previous year - closing more complaints than it received (5,221 in 2021/22 to 7,784 in 2022/23). This was achieved due to the development of new efficiencies and some additional funding from DWP.
This year also saw the Pensions Dishonesty Unit publish its first Determinations, which directed the return of approximately £15m to the schemes involved. The Ombudsman has secured funding until March 2025 to continue this work.
Despite these successes, waiting times continue to be a significant issue and addressing these remains a priority.
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