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Adviser’s cash-in clash with Aviva

An adviser has slammed Aviva for sending his client a cash-in value for their property investment without informing them of the deferment period.

Jordan Financial Planning managing director Mike Jordan says Aviva sent his client a statement in February that gave them the cash-in value of their investment, which they decided to take.

Jordan says the client was then told by Aviva that they could not have the money as there was up to a six-month deferment on the property fund.

He says: “This was in force before they sent the letter in February. The correspondence was totally misleading and they should not state cash-in value when it is not accessible.

“To make matters worse, Aviva have then written a letter back in which they only half-heartedly attempt to answer the client’s letter but then go on to blame the adviser, saying that the adviser should have warned them about the deferment when they took out the investment.

“Why do Aviva think it necessary to deal with the comp- laint by trying to sow the seed in the client’s head that they should be complaining about their adviser?”

A spokesman for Aviva says the company has done all it can to make people aware of the deferment.


HL assessing independent label

Hargreaves Lansdown says it is reviewing whether to maintain its independent tag as a result of RDR proposals. It says no significant threats, retrospective changes or other costs have been seen as a result of the draft proposals since the bulk of its Vantage business is execution-only.

Due process

After receiving a substantial inheritance I approached my existing IFA for some advice on how to invest the money. I have used this adviser in the past for mortgage and life insurance advice but when it comes to investment advice I am less confident in their recommendations. Should I seek a second opinion?

China’s economic bounce may already be over

By Mike Riddell (17 May 2016) Most people would explain the rally in global risky assets since mid-February as being primarily down to the spectacular volte-face from the Federal Reserve, where Janet Yellen (and others) dramatically toned down their narrative that the Fed would be hiking rates as many as four times in 2016. This explanation […]


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