I would like to appeal to all my colleagues in this industry to send me their horror stories regarding Norwich Union's administration systems or, rather, lack of administration systems. For over a year, I have refused to place any business with this once respected company because of its failure to sort out numerous problems which we have encountered.
I have lost a valued client who was very recently going to place further investment monies with my firm which would have resulted in commission of just under £3,000. I had been waiting for this investment to come in for some time, after spending a lot of time and effort with the client concerned.
Unfortunately, because of a major administrative error on NU's part, which went on for months before it was sorted out, the client decided not to invest and, even after explaining the position in detail, including a full breakdown of the letters and phone calls that had taken place between ourselves and NU, the client thought some of the blame must have been on our part.
I have put the details to NU on this particular case. I also have two other cases where, if I explained them in full, you would be amazed that a company could make such errors and get away with it. I have sought redress but have got nowhere. NU has the full facts and yet still wants me to spend time and effort putting another letter together, detailing times and giving a fuller picture of the case. I refuse to do so as I will simply be repeating all the information it already has.
I am now at the end of my tether and am determined to take my own course of action against NU. I am going to put together a campaign by collating stories from other IFAs who have had problems with NU. I have warned it that I will be prepared to do this. However, I get the impression that it thinks I will simply go away.
Would all of you out there who have encountered similar problems please email me at email@example.com and explain the problems you have had and how NU has dealt with your complaint. I then intend to get the letters published in the press. I look forward to hearing from you all, of whom I am certain there will be a great number.
Partner, Manor Lodge Associates IFA,