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Defaqto: Providers are failing existing pension customers

Providers are failing to provide an adequate service to existing pension customers ahead of the retail distribution review, according to research from Defaqto.

The independent financial research firm questioned 500 IFAs who deal in individual pension products.

While providers were found to be meeting advisers expectations when servicing new customers, the research suggests they are failing to meet IFAs’ expectations in three out of the four service measures for existing business.

The categories insurers were judged to have failed on were conducting policy alterations, transfers out, and switching and transfer capability.

Defaqto insight analyst for wealth management Andy Leggett says: “Our 2011 survey saw a vast improvement in providers’ servicing of new business, with satisfaction meeting advisers’ expectations across the board.

“However, the management of existing business fared less well, with provider performance meeting advisers’ expectations in just one aspect of service in this area.

“With advisers particularly looking to add value in areas such as pensions, and given the importance of long-term client relationships, it is inevitable that advisers will expect high standards in this area.”

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