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IFA pension row with Phoenix

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.”


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Hmm…seems like the adviser trying to cover their errors and shift blame on this one.

    If the instruction was that important why wasnt it faxed? And why did the adviser not chase Phoenix for the forms before September 3rd?

  2. Sounds like Mr Wearden doesn’t dispute that he made errors. Pretty easy for his client to sue him then – so surely it’s a case of Wearden taking it on the chin and letting the PI boys run the case to recover off third parties if they think that’s a runner?

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