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Advisers want to bill providers for admin delays

Advisers have voted largely in favour of billing providers over administration delays, a Money Marketing poll has found.

The poll asked if advisers should be able to bill providers for their time if suffer administrative delays.

A total 76 per cent of respondents to Money Marketing’s poll say providers should cop the costs.

Comparatively, 21 per cent say advisers should not pass on the bill.

The poll results follow a difficult year for providers, including Aegon’s replatforming issues with Cofunds, and Aviva’s ongoing problems as the result of its January tech upgrade.

In June, Phoenix Group also downplayed the impact of an IT upgrade in its adviser arm, which clients said led to issues with receiving pension payments.

The provider is currently running a systems upgrade as part of the integration of Axa Wealth’s pensions and protection businesses it acquired in August 2017.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Things go wrong. That’s life. Whilst I doubt if many would be in favour of robotically chasing after every lost minute, there has to be a line. A line where a delay becomes unreasonable, or where a provider is failing to shoulder the burden of managing or mitigating the effects as long as a delay continues. Where that line is crossed, advisers should of course be entitled to recoup consequent costs from providers.

  2. I recall the woeful “support” given by PruHealth / Vitality. Fab product but utterly dire administration. I put in a bill for time wasted in exasperation but they refused to pay it. If they’d spent as much money on systems as they did on plugging the product, the world would have been a little bit better.

  3. I really do want to be positive and, like Mark C above, just shrug my shoulders when things go wrong because, ah well, it’s only occasionally isn’t it?

    But it truly isn’t. Their scanning incoming mail is hopelessly unreliable, and gets tagged to the wrong records. Their processing varies depending on who is carrying it out. We have old insurance policy claims paid by cheque, incorrectly calculated, and sent to random banks, sent to us, and sometimes made payable to us as well. Roughly one in every three interactions with them (and they are all as bad as one another) results in a muck up.

    But we are unfazed. We simply sigh, pick up the phone and after 20 mins of “Hold” in b flat composed by some avant-garde lift-musikist, we have a conversation with a greenhorn so green their headset is made of moss in which they fail to understand our question and we fail to understand their reply. They will then advise that, if we use something called a fax to send copies of our letters to them, we can then wait 21 days (working, please note) to receive a letter that, for security reasons, does not contain the policy number or the client’s name.

    GDPR, on the otherhand, appears to be the only uni-directional regulation in the UK, whereby I have to provide every conceivable detail about the client (including their favourite colour, car and make of amphibious landing craft) to make sure I am pukka, and they then post out a letter to the wrong address so that it gets opened by Mehmet next door in the Turkish Grill and who thinks his car insurance renewal documents have just arrived. They have, but we have those by mistake, whilst he has the benefit projections for our client by mistake.

    So, no. I think we have become too easily accepting of mediocrity that we simply accept that everything is only half as efficient as it could be if providers could work their processes through properly and, frankly, regulators backed off quite a lot.

    But, hey, chin up. We’re still breathing.

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