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Davy slams Axa for approaching IFA client

SimplyBiz chairman Ken Davy has hit out at Axa Winterthur Wealth Management after the firm made unsolicited approaches to a client of one its IFA members without his knowledge.

Broom Consultants director John Broom contacted his support services provider SimplyBiz after discovering that Axa had contacted his client to discuss his investments with the firm.

The client ignored an initial letter from Axa and was in a meeting with Broom when he received a follow-up call from the firm. The client handed the call onto Broom.

Broom says: “It was to discuss the distribution bond that the client has got which is part of an overall portfolio.”

SimplyBiz chairman Ken Davy says: “Axa would not know this client existed if Broom had not chosen to place business with them. It is therefore quite disgraceful for them to approach clients in this way. Dealing with genuine orphan clients is a separate issue but this is wholly inappropriate.”

Axa says this is part of a pilot scheme to ensure customers have all the information they need about their policy.

A spokeswoman says: “If they require information, we will send it. If they need advice, we refer them to their adviser.”


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. They still shouldn’t do it – isn’t there the Data Protection Act, or is the wording on declarations presented in such a way that it is difficult to avoid provider contact? Or are provider just ignoring wishes of clients anyway?

  2. Insurance companies will always try it on with approaching clients. When Standard Life were in the protection market and the client had a renewable term policy, this would always be referred to their direct arm who would contact the client rather than send the renewal terms to the IFA. It will only get worse as Banks are bought, sold and merged. Just watch Standard Life Bank and Barclays in the near future.

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