The second phase of the Money Marketing Fair Deal for IFAs starts this week.
In response to calls from advisers, we are aiming to compile a list of the worst offenders among the companies on admin in the last six months. Some of the complaints about companies have been a regular feature on the letters pages of Money Marketing.
We have already surveyed IFAs to see what their greatest admin headaches are and we print some of the results in the two tables below on this page.
But now we will seek to find out which companies are the worst offenders and to ask them to explain themselves. We will also give scope to firms and others who say that some of the problems stem from the adviser side. This is not a one-sided campaign.
We are asking readers to phone in to reporter John Greenwood on our admin hotline 0207 943 8049 or email email@example.com to say which companies have suffered the worst problems and why. We will also be taking up the worst cases and asking the firms concerned for explanations as to what has gone wrong and whether they will put things right.
The second strand involves the ombudsman. For some months now, several IFAs have been discussing the way in which they believe that the ombudsman has been making up the rules as it goes along and this opinion has also been echoed by several lawyers who have been involved in cases. We are not yet saying this is the case but we are suggesting that some of the details of cases give cause for concern and we will allow you to use Money Marketing to publicise this and see if the problems are simply individual mistakes or a systemic problem. Once again call reporter John Greenwood on the hotline on 0207 943 8049.
The third strand will involve the regulator – more on that in forthcoming issues.