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MM reveals life office roll of shame


Legal & General has refused to defend itself in response to a volley of complaints from frustrated IFAs about its administration bungles.


MM&#39s switchboard was swamped with calls from IFAs invited to ring our hotline with their stories of suffering from shoddy administration at the hands of product providers.


The life office topped Money Marketing&#39s &#39Roll of Shame&#39 and was by far and away the worst offender, featuring in over a quarter of all complaints.


L & G were only one of two offices who offered no comment from a total of 14 named offenders, taking nearly 24 hours to make their decision not to respond.


The poll was held to give IFAs their shout in response to last week&#39s MM story that IFAs are losing £4m a week in the providers&#39 admin scandal.


FSA figures revealed that providers are making admininstration bungles in one in 10 of all new business cases, costing IFAs almost 15 per cent of their income each day.


The level of incompetence has reached such levels the FSA has ben forced to introduce tougher standards for back-office staff.


Many IFAs said they were spending more and more time trying to reach someone who could handle their complaints and problems. Often they found it difficult to make contact with the person they had originally spoken to.


IFAs and offices were keen to stress that we are all human. A simple apology and a quick remedy are all that is expected. Unfortunately many IFAs said product providers often failed to apologise or seemed not to care.


Full details of how badly individual offices did in the poll, and comments from both IFAs and the companies themselves can be found on pages eight and nine.


* See page 26 for Comment


* See Broker Talkback

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