An adviser claims Prudential has “swooped in” and dealt directly with his client after receiving a letter of authority from his firm.
Penguin Wealth certified financial planner Craig Palfrey has submitted a formal complaint to the provider.
Palfrey says he received an enquiry through Penguin’s online and telephone advice business Get Financial Advice from a consumer with a Prudential pension who wanted advice on his at-retirement options.
He says the firm approached Prudential with an LOA for information in November and provided an options report for the client.
Palfrey says: “When we contacted the client last week to ask how he wanted to proceed, he said Prudential had called him and sent an adviser round to see him. He has now decided to proceed through them.
“I am livid with Prudential. I would not expect for one minute to find a provider re-engaging with a client after we had approached for information.
“I believe Prudential saw the LOA and swooped back in to contact the client.”
A Prudential spokesman says: “Adviser relationships are very important to us and where an adviser has full servicing rights we withdraw from the relationship.
“However, in this instance Prudential Financial Planning holds the full servicing rights for the client and it was the client who initiated the most recent interaction between us.”