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Adviser waits four months for annuity quote from Phoenix

Pearl-owned Phoenix has been criticised after failing to provide an annuity illustration requested in August despite the adviser chasing the closed book insurer over 30 times.

Informed Choice joint managing director Martin Bamford requested an annuity illustration on August 15 for his client, who has an index-linked escalator plan with the insurer.

The insurer said the illustration would arrive within 15 working days but Informed Choice has still not received it nearly four months later.

Bamford says he and his colleagues chased Phoenix at least once a week and were continually told the illustration was on its way or would be ready soon. Phoenix also repeatedly ignored calls, claims Bamford.

He says: “Phoenix keeps making promises but nothing happens. It is a massive amount of inconvenience and hassle and it reflects badly on us.

“The cost of chasing it and having an open file is most frustrating and also being told by the provider that it has done it or it is coming but nothing materialises.”

A Phoenix spokeswoman says: “Phoenix is currently investigating and the case hopes to resolve the issue as soon as possible.”


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