Who regulates the regulators?
According to the latest report from the Pension Fund Adjudicator, there are currently about 14900 unresolved cases (complaints) that they are still dealing with and this is on top of the 8275 cases that they have resolved this year.
The Financial Services Board is also struggling with a significant backlog in their case loads and are unable to meet their own turnaround times (especially in the Section 14 transfer department).
What is clear from these stats is that:
- There is a significant number of complaints being received by the PFA (which in turn means there are some serious issues with the way that many retirement funds are being run and probably means there are some more “scandals” on the horizon),
- Both the PFA and the FSB are not able to deal with their respective workloads and appear to be significantly under-staffed. As a result, the people that they are there to serve and protect (investors) are being prejudiced.
- If you have a complaint about the regulators (FSB or PFA) there is nowhere you can turn.
So who regulates the regulators…?
Attempts to contact the FSB today have proved fruitless…the website is down as are their telephone lines.