View more on these topics

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.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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