An adviser has complained to Aviva over its alleged failure to reimburse her for the time it took to rectify a mistake made by the provider.
Stephanie Pickering, a chartered financial planner at Newcastle-based Verity Wealth Management, says she spent nearly 14 hours between December 2015 and May 2016 rectifying a transfer value calculation mistake by Aviva on behalf of a client where it had dropped the fund value by nearly £50,000 because of discrepancies in its records.
Pickering’s client was given £150 in compensation and Pickering billed Aviva for the additional work, she says. However, she says she has not received payment yet and has written to Aviva’s head of complaints.
Pickering tells Money Marketing she is considering action at a small claims court.
She says: “The whole idea of RDR is that we set our fees and are not restricted by insurance companies and what they want to pay us, plus the work involved would never have been required if their records were correct.”
An Aviva spokeswoman says: “We have received the claim for compensation from Verity Wealth Management, and we are currently assessing this. We have been in touch with the adviser concerned during the course of this claim.
“We will always consider compensation where an adviser spends additional time resulting from errors on our part. We consider any case on its merit and will offer compensation of costs where appropriate.”