The Pensions Ombudsman (TPO) has issued a public warning following reports that some savers have received fraudulent letters about a failed investment claiming to be from TPO. 

TPO confirmed that these letters are not genuine and the telephone number is not TPO’s. It also emphasised that it would never ask savers for their bank details or to pay any fees, as it is a free service. TPO has been in contact with the individuals who reported the letters and has advised them to report the matter to Action Fraud. It also encouraged any savers who have received a letter and are unsure if it is genuine to contact TPO. 

Aegon has announced further changes to its client reporting tool for financial advisers. 

Announced one year since the launch of the tool, the changes are intended to enhance adviser processes and facilitate client interactions within the Aegon Retirement Choices (ARC) and One Retirement platforms. In particular, Aegon introduced advanced return metrics, with new money-weighted and time-weighted returns enabling advisers to gain deeper insights into product performance. Aegon also introduced an investment breakdown section, offering further insights into the funds and models in which clients are invested, to improve transparency and decision-making. In addition to this, advisers can now personalise client reports with names and tailored commentary fields. These enhancements are intended to align with findings from the recent NextWealth and Aegon report,  which highlighted the importance of tracking the right metrics to surface valuable insights on existing clients.

The Financial Services Compensation Scheme (FSCS) has confirmed that five firms were declared in default in the last two months. 

This included several pension-related businesses, such as self-invested personal pension (SIPP) operator Corporate & Professional Pensions Ltd, administrator of The Forthplus SIPP, Forthplus Pensions Ltd, and Apollo Pension & Investment Advisers. In total, the FSCS has declared 17 firms in default this financial year. If a regulated financial firm is no longer trading and cannot pay a customer’s claim, FSCS can step in to pay compensation if certain requirements are met. 

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