An IFA is preparing to take Phoenix Life to court, claiming delays in switching a client’s pension pot resulted in a £2,738 fall in value.
The dispute centres on IFA Paul Wearden’s failure to complete a fund switch form before his client’s normal retirement age on September 9, 2008. He claims the form, which Phoenix says was sent on August 4, 2008, never arrived at his office. Wearden says he posted a letter by recorded delivery on September 3, 2008 requesting his client’s retirement policy be switched into the Scottish Widows money fund. The switch took place on September 18.
Phoenix says the delay was due to proper forms not being filled in and the fund being incorrectly named in the letter. Wearden says the firm should have let him know about the errors.
After complaint rejections from Phoenix and the Financial Ombudsman Service, Wearden plans to take the case to court.
A Phoenix spokeswoman says: “We have thoroughly investigated this case and believe we have handled it correctly.”