The Phoenix Group and Henderson have apologised after 15 fund factsheets posted on NPI’s website listed incorrect annualised growth rates.
NPI is part of the Phoenix Group and includes the closed life funds of Pearl Assurance and London Life Linked Assurances. Advisers contacted NPI last month expressing concerns about the fund performance rates to January 1 after the company published the factsheets on its website on January 24.
NPI found that all 15 funds listed in the NPI life funds table were listed with incorrect growth rates. The figures lis-ted as the annualised growth rate for 10 years was in fact the likely total return over 10 years.
Henderson Global Investors supplies the fund performance rates to NPI. NPI has now uploaded a revised factsheet highlighting the mistake.
The company has also written to the IFAs that contacted NPI about the issue and informed them of the error.
A Phoenix Group spokeswoman says: “Phoenix apologises for any inconvenience this may have caused the IFAs and their customers. We are working closely with Henderson to make sure this does not happen again.”
A Henderson spokesman had admitted that the firm made an error.
He says: “While we make every effort when dealing with external providers to ensure that their records are up to date, occasionally, human error does occur. In this inst-ance, once the error was identified, the correct information was supplied.”