View more on these topics

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


Legal & General Bank – Easy Access Tracker Account (inserted 29/11/99)

Easy Access Tracker AccountType: Tracker account with interest rates linked to movements in London Inter Bank Offered Rate. Rates will be set at quarterly intervals until February 27, 2001 and 3 month LIBOR minus 0.5% thereafter. Monthly income option available on balances of £5,000 and above.Minimum-maximum investment: £1-£1m.Interest rates: 6.26% gross.Term: None.Offer period: None.Withdrawal penalties: […]

Taxman could flex new muscles

The Inland Revenue is set to get new powers that will force banks, accountants and lawyers to hand over papers in serious fraud cases.The new measures are to be included in next year&#39s finance bill.They are expected to reduce the need to enter and search premises for evidence.

Pension top-up pledge for low earners

People on low incomes could receive top-ups to keep them in existing occupational schemes when the second state pension starts, under new Government proposals.The Government says the move could help solve the problem of people earning less than £9,500 being better off in the second state pension. The plan is expected to cost the Government […]

Misys £25m bid for M&E Network and Interdependence

oftware giant Misys is poised to dip into its £50m war chest to scoop M&E Network and Interdependence in a £25m deal.Misys, which already owns 900-member Countrywide and splashed out £55m in August for IFA networks Financial Options and Kestrel, is understood to be mounting a £25m buy-out bid for the two Greatminster Group-owned networks.Money […]

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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