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IFA&#39s hourly rate disputed in pension blunder

An IFA is in a dispute with Abbey Life over how much his time is worth after sorting out five years of bungled pension statements for a client.

Graham Laverick, of Middlesbrough-based IFA Willett & Ross, is demanding £1,900 in compensation from the life office for the time that he claims he has spent sorting out a dispute for a client.

Laverick says Abbey Life has offered £500 while claiming the amount he charges clients is excessive. The time spent on the case is also in dispute.

The dispute centres on a bungle by the life office dating back six years, when one of Laverick&#39s clients, an existing pension holder with Abbey was advised to switch his pension fund manager. He switched but for the next five years received statements that did not reflect the change in fund.

After much work by Laverick over the past year, Abbey agreed to compensate the client for the mistake. Laverick then put in his claim including a total breakdown of the charges. He charges clients £100 an hour for advice and £50 an hour for admin.

Laverick is angry at Abbey&#39s attitude and says the provider is trying to dictate how much his time is worth when his prices are clearly advertised and clients agree to them before he works for them.

He says: “There is no doubt this situation has caused me considerable additional work. It is outrageous that Abbey Life should try and tell me how much I can charge my clients. I should not have to work on their terms.”

Abbey Life refuses tocomment on the matter.


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