View more on these topics

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.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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.

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