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CGNU retreats on charging IFA for policyholder data

CGNU has backed down from attempting to charge a Glasgow IFA a fee of £73 an hour for a service most life offices offer free, after being approached by Money Marketing.

Alex Docherty of AD Associates IFA wanted to find out the compound interest rates on a number of Provident Mutual pension policies held by his clients.

He was informed by CGNU, which now owns the life office, that the service would cost him £73 an hour plus VAT, making a total cost of £1,715.

After Money Marketing asked the life office why it was charging so much, a CGNU actuary contacted Docherty, a DBS network member, and offered to provide three sample quotes for free.

Sole trader Docherty, who wanted to ensure his clients&#39 policies were not underperforming, accepted the offer, saying his staff can use in-house software to figure out how the funds are doing.

Provident Mutual was taken over by General Accident, which subsequently merged with Commercial Union and then Norwich Union to form CGNU, the biggest life office in the UK.

Docherty says: “This is not an unreasonable question. We want to make sure we have the relevant information for the client.”

A CGNU spokesperson says: “It is unusual for an IFA to request something like this.

“The reason why we were charging him was the actuarial assistance required and the time factor would have been very expensive. But there will be no charge whatsoever.”


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