The firms which had the most complaints registered against them relating to pensions and decumulation were revealed today by the FCA.

The Financial Conduct Authority this morning published data on the number of complaints reported by firms under new rules which came into force last June.

This showed that Prudential had the highest number of open complaints for the decumulation and pensions category with 7993, followed by Friends Life with 5762.

Scottish Widows was third with 3670, followed by Aviva with 3107 and Royal London on 3016.

See table below for more.

The statistical tables also showed which firms had most complaints upheld for the decumulation and pensions category. Skipton Building Society was top with 100%, followed by Cofunds at 87% and Friends Life at 81%.

Fourth was Scottish Widows at 80%, ahead of Prudential at 78% and Aviva at 71%.

Source: FCA data published 26/4/17

Prior to 29 June 2016, the FCA did not require firms to submit complaints data for complaints that were resolved by the end of the following business day after they were received. From 30 June 2016 the rule changed so that all complaints become reportable and the new data now feeds into the complaints data publication.

The FCA stated: “This new, fuller data set will not be comparable to the historic data, but we believe will be more informative for consumers and industry (including figures to put the number of complaints into context in relation to the size of each business), and provides us with better intelligence.”