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HBOS gets blame for poor service

Equitable Life has responded to complaints about its poor service standards by blaming third-party administrator HBOS.

At last week&#39s AGM, chairman Vanni Treves faced repeated complaints of poor service by policyholders but said Equitable is powerless to improve poor delivery from HBOS.

He said Equitable is unable to vary the terms of a 10-year outsourcing deal signed with HBOS in 2001. HBOS provides administration services on a non-profit basis as part of the 2001 agreement that saw it buy Equitable&#39s operational assets.

Treves said: “We have been staggeringly polite in our criticisms of HBOS in the circumstances. Standards of service have been a constant cause of concern for us but all administration has been handed over to HBOS.”

HBOS spokesman Shane O&#39Riordan says: “These are the same 1,000 people who were servicing policyholders before we took over. We provide admin at cost and make no margin on it. For a closed fund like Equitable, every penny counts and they would not get this deal elsewhere.”


Holden Meehan urges quick deal

Charcol Holden Meehan director Amanda Davidson says the high-networth IFA has never been part of Bradford & Bingley&#39s core business activities. She has urged Bradford & Bingley to find a buyer as soon as possible so as to keep any period of disruption at the London IFA to a minimum. Davidson says she is surprised […]

MEP bids to hold back Euro tide

Conservative MEPs will make cutting the potential PI burden on IFAs imposed by two European Union directives one of their next major campaigns, according to MEP Theresa Villiers. In the run-up to next month&#39s European Parliament elections, Villiers believes there has never been a more important time for the financial services sector to focus on […]

Who cares wins

The extension of FSA regulation to the general (including health) insurance and mortgage sectors is set to change the shape of the financial services market which means it is a good time to look at the opportunities this presents and assess how IFAs and insurers can work together for a brighter future. The current upheaval […]

Appointed reps &#39set to take 75% of the market&#39

Legal & General sales and marketing director John Cupis told delegates at the Mortgage Business Expo in Manchester last week that he believes 75 per cent of business volume will be carried out by networks&#39 appointed representatives after M-Day on October 31. Cupis looked at “how things will land” for the industry&#39s 36,000 intermediaries, 50 […]


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