View more on these topics

Call centres are major problem

Advisers&#39 biggest complaint is over call centres, with the majority saying they believe this is the major problem they have in dealing with product providers, according to Money Marketing&#39s 1,000 broker survey.

Over 80 per cent of the 1,002 advisers surveyed say the time they spend getting through to call centres is the biggest problem they face with product providers.

The next biggest concern is delays in processing applications and providing information. This is compounded by too few experienced staff to answer their questions, lacking knowledge in specific areas.

Only 16 per cent of the advisers questioned believe that delays in paying commission is a big problem.

Offshore outsourcing of call-centre work is expected to grow by 25 per cent over the next five years, according to the Communications Workers Union.

Financial services companies such as Abbey, Barclays and HSBC have led the way in outsourcing.

Aviva is the latest to move its call-centre operations overseas, outsourcing 2,350 jobs to India, where it already employs 1,200 workers.

Sofa chairman and Informed Choice managing director Nick Bamford says: “Advisers are constantly being banged over the head with the response that they can go to provider websites for information when this is just a lie, particularly when you need information on legacy products.

“I would like to think that we will see improvements but I am sceptical. This is time-consuming and therefore costly, shift-ing the cost back to the IFA.”

Solicitors for Independent Financial Advisers director Leslie Sharpe says: “The proliferation of call centres and moving them to India is not necessary. It is to cut costs. But if the providers got their service right in the first place then there would be no need to do it.”


New trust from new company

New Scottish fund management company Edinburgh Partners has established the EP global opportunities trust, an investment trust that invests in undervalued companies around the world. Edinburgh Partners was founded earlier this year by Sandy Nairn and Graham Campbell, who previously worked together at Scottish Widows Investment Partnership. They will be the lead managers of the […]

Dampier says IFAs slow to respond to downturn

Hargreaves Lansdown head of research Mark Dampier has warned that IFAs can take years to react to downturns in fund managers&#39 performance, in response to Fidelity&#39s suggestion that industry commentators are not representative of advisers&#39 views. In a letter to Money Marketing, Dampier says that he has repeatedly seen IFAs take as long as three […]

Bedford may be part of fallout as Sesame revamps

Sesame is axing two directors and is believed to be losing sales director Andrew Bed-ford in a shake-up of its senior management structure. The reshuffle sees operations director Kevin Budge and chief technology officer Doug Morris leave the meganetwork in a root and branch restructure. Further redundancies and job restructures for less senior staff will […]

Treasury delays stakeholder cap decision

The Treasury has delayed its decision on the proposed price cap for stakeholder products after FSA research has revealed that more work was needed on proposals for a simplified sales regime. The Government says it will not make a decision on the cap until next year to ensure that the sales regime and product design […]

The fifteen-year itch

By Neil Jones Technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The treatment of non-UK domiciles that are resident in […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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