Insurer Forester Life will no longer deal with advisers following the provider’s decision to cease paying trail commission earlier this year.
In April, the insurer confirmed it would stop paying advisers trail commission relating to the Children’s Mutual book of business.
The firm will instead pay out a non-negotiable lump sum of two years’ commission based on policies remaining in force until either
maturity or 30 April 2016, whichever is earlier.
A Forester Life spokeswoman says: “Following the decision in April, we no longer hold details of advisers.
“So in the interests of data security and ensuring we are dealing with the correct person, we will only discuss a valuation directly with the customer.”
Lifetime Financial Planning adviser Margaret Hill contacted Forester Life requesting all client valuations under her firm’s agency but was told her agency number was not recognised.
She says: “To tell me I cannot access my clients’ valuations when I am still trying to service those clients just strikes me as unacceptable.
“It shows no consideration for the clients, who have specifically used an adviser to deal with such affairs.”
Highclere Financial Services partner Alan Lakey says: “Forester Life is going from bad to worse.
“I have had my own problems with it but I haven’t come across a provider that refuses to just provide valuations.
“I don’t see how that can be in the best interests of a client.”