An adviser is billing closed-book provider ReAssure for a series of errors that allegedly caused a delay to a client accessing their pension.
FPS London senior partner Robert Taylor was contacted by a client who wished to access their ReAssure pension and go into flexible access drawdown.
The client told Taylor that they had to take advice under Government rules given the safeguarded benefits exceeded £30,000.
ReAssure replied to the request saying there was no GAR on the policy, Taylor says.
After this was questioned, it eventually confirmed the GAR in writing but gave no further details, he says.
After Taylor lodged a complaint, and more than a week after ReAssure received a subsequent request for funds from Taylor, the provider called the client, who it said must discuss the GAR with it, Taylor says.
He says he eventually completed an action form by email, but was told he could not proceed without a wet signature.
Taylor also criticised ReAssure’s confirmation of advice documentation for being sent out without any prepopulating of the plan’s information, and that its normal method of transferring payments was not by the electronic transfer standardly used by banks, but a slower process.
Taylor says he will invoice ReAssure for 600 to 800 pounds, but could go higher as the issue still has not been resolved.
Taylor tells Money Marketing: “They should be named and shamed, they are a shambles. Advisers are saying we are not going to deal with these people any more, it doesn’t matter what they pay us in compensation.
“As soon as I see ReAssure I’m not going to deal with them because I don’t think I can offer a service that’s going to be professional to the client.”
In a statement, ReAssure says it is finalising its investigation and will compensate the client if they are found to have been financially disadvantaged.