View more on these topics

Let IFAs have their say on standards

The subject of bad administration, sloppy service standards and interminable phone queues in dealing with financial services institutions has been aired on many occasions.

I have been an IFA for 14 years but matters have certainly become worse over the last four or five years.

Generally, if a company provides a good “product”, then we as advisers cannot allow such matters to interfere with our recommendations.

However, over the past couple of years, I have started making a list of companies that I simply will not recommend on the basis that their service standards are so consistently appalling.

It may surprise many people that I so far have only four names on the list.

Many companies are pretty dreadful to deal with but there are certain companies that take up so much time and effort that I simply cannot afford to deal with them. Blacklisting is the only answer.

That said, when I attended a seminar a few weeks ago, one delegate actually praised one of the companies on my list.

This got me thinking that perhaps I had been unlucky or that the partic-ular branch/regional office I was “attached to” might be a problem rather than the whole organisation.

I would therefore like to propose that Money Marketing takes a lead in discovering from its IFA readers a consensus view on the various institutions.

Perhaps Money Marketing could publish marks out of 10 for general service standards, accuracy of information provided, ease of contact, processing efficiency, etc, based on the average views of all respondents to an online poll.

If an institution is not able or prepared to raise its game in helping us put business on its books, then we should vote with our feet.

Incidentally, I have two insurance companies, one mortgage lender and a fund supermarket on my blacklist. It would be interesting to compare notes with IFAs.

Bill Wells

Protect & Save

Sleaford,

Lincolnshire

Recommended

Widows Bank reviews release after losing Saga deal

Scottish Widows Bank is reviewing its equity-release business model after losing an exclusive deal to supply Saga.Saga has signed up with Just Retirement’s multi-tie arm Just Retirement Solutions but Widows will be on JRS’s Saga panel, which started operating this week.Widows says the major factor behind losing the £40m Saga deal is because Saga wants […]

Survey reveals rise in regular UK savers

The number of regular UK savers has risen 5.5 per cent to 58 per cent in the last three months according to the latest Standard Life savings and investment index.The quarterly survey for October also revealed that retirement had overtaken holidays as the single biggest reason to save for the first time since the survey […]

Halifax rebuff for forecast of market slump

Halifax has dismissed claims that the housing market is set for a sharp fall in the next few years.Chief economist Martin Ellis says a strong economy, insufficient supply of housing and low interest rates point to a healthy outlook.Last week, Morgan Stanley chief UK economist David Miles predicted significant falls in house prices and said […]

Cable puts pressure on sealed-pack sales

MPs are continuing to pile pressure on the Government over the way that non-advised insurance sales are marketed and sold to consumers.LibDem Shadow Chancellor Vince Cable has asked the Treasury to explain what measures there are to ensure insurance policies sold in a sealed-pack “off the shelf” display their terms and conditions on the outside […]

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com