The Financial Conduct Authority has ruled out allowing bigger SMEs to make complaints to the Financial Ombudsman Service.

The latest FCA data on complaints does not make comfortable reading for advisers and providers, particularly those involved in giving advice on pension decumulation and annuities.

The number of newly-opened complaints about decumulation and pensions in the first half of 2023 was up 20% year on year, according to new data from the FCA.

Four Financial Planning and wealth management firms are included in the table of most complained-against financial services firms published by the Financial Ombudsman Service for the first half of 2023.