View more on these topics

Axa and NU slated on admin backlogs

Bunglebusters this week comes courtesy of Axa Sun Life and Norwich Union.

Both companies have come under fire from IFAs for problems over back-office personal pension admin.

IFA Hartley Greatbatch & Co principal Keith Lewis says both Axa and NU have been sending out policies in the wrong name and with the wrong details and taking up to seven weeks to process single premium top-up documents.

Axa says the admin bottleneck has been created by the introduction of stakeholder, the new pension tax regime and chan-ges in reporting requirements of employer contributions, which had all led to a high number of IFA enquiries.

NU blames the backlog on its merger with CGU and the introduction of stakeholder.

Both companies have apologised to IFAs for delays and Axa says it has also set up a dedicated phone line for matters needing urgent attention.

Lewis says: “Standards have dropped over the last three or four months since stakeholder came in. I rang Axa to chase some papers and they said they had not been able to deal with it because they had 30,000 pieces of post to get through. I have also had similar problems with Norwich Union, which has lost policies.”

Axa spokesman Steve Muir says: “We have seen our service standards slipping a little but we are working on it and have a plan in place for dealing with the problem.”

NU spokesman James Evans says: “We hope to have our backlog under control in about a month. There have been a few problems with stakeholder and new systems going in.”

Recommended

Principality adds to its discount options

Principality Mortgages has introduced the discount option five mortgage.Aimed at first time home buyers as well as people who are looking to remortgage their properties, the mortgage has an interest rate based on a discount of 0.86 per cent, giving it a payable rate of 5.59 per cent for loans of up to 95 per […]

Millfield turnover and IFAs leap

National IFA Millfield Group made an operating loss of £360,000 over the past year while turnover rose to £11m from £6.6m in the previous year.The firm spent £3.4m in admin expenditure supporting its expansion programme, including investment in offices, infrastructure and recruitment, up from £2.1m in 20000.Millfield which floated on the Alternative Investment Market in […]

Women are catching men in online banking

While men are still more likely to bank online than women, the gap is closing rapidly, according to a Mori poll for Nationwide.Since December 2000, around 1m women have begun banking online, compared to 600,000 men. Around 3m men now bank online, compared to round 2m women, while 13.5 per cent of all current account […]

Were the red letters junk mail?

Millions of endowment mortgage borrowers have been panicked by letters over the past year or so from their insurance companies. These letters have suggested that growth of their endowments has been slower than forecast at the beginning and the policy was not on target to pay off the mortgage as planned.Some policies have already failed […]

The future of active management is now

Fees under pressure. Regulatory moves against closet indexers. Rapid advances in financial technology. Shifting sentiment among investors. Such mounting challenges have led to widespread speculation about active management’s shrinking future. But a closer look inside intelligent portfolio construction today tells a story of expanding roles, added value, and innovative risk-adjusted, lower-cost solutions. Four investment experts […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com