I read the article headlined, Equitable Life accuses IFAs of urging policyholders to quit (Money Marketing, May 30) with interest and anger.
I can understand Equitable Life being worried about its members now jumping ship due to fear about its current and future viability but to blame IFAs for encouraging this to happen is a bit rich.
Equitable Life must know of the regulatory hoops imposed by the FSA upon IFAs with regard to advising on transfers away from their with-profits funds, particularly pensions.
If a client says to his IFA”I want out”, the IFA is duty-bound to provide suitable advice about where the funds should be transferred.
Direct sales have been targeting its members persuading them to transfer, particularly the direct salesforce of Halifax Life, who have details of Equitable's members. Perhaps Equitable could explain this and confirm whether this was part of the deal?
Procrown Investments, Fareham, Hants