View more on these topics

Moret plea to tackle transfer turmoil

Poor administration on pension transfer business is damaging the industry and must be tackled head on, says Suffolk Life director of sales and marketing John Moret.

The Pensions Ombudsman’s annual report for 2006/07 showed that pension transfer business was the second-highest cause of complaints with 158 cases, representing 13.9 per cent of all complaints.

Moret says he has seen instances of transfers taking up to a year to complete and this is not treating customers fairly.

Case summaries in the annual report highlight delays in getting transfer values, transfers and making payments.

Moret says: “It is about time that the industry woke up to the damage that can be done by not dealing with pension transfers promptly. We know that this is a source of huge frustration for advisers and yet ombudsmen reports come and go, codes of practice are adop-ted and yet nothing seems to change. It is time that someone took this seriously. It must be a TCF issue.”

Anand Associates managing director Bhupinder Anand says: “There are administrative problems with transfer business. The turmoil in pensions and with trustees over the last few years means that providers are more concerned about solvency ratios and keeping the schemes running rather than losing people out the back door. Transfer business is often a low priority.”

Recommended

Repo rise could be ‘tip of the iceberg’

Home repossessions soared by 30 per cent in the first half of the year and analysts warn the figures could continue to rise.The 14,000 homes repossessed in the first six months is the highest level since 1999 and is equivalent to 77 homes a day, says the Council of Mortgage Lenders. Mortgages in arrears at […]

L&G recruits head of protection sales

Legal & General has appointed Martin Noone as protection sales director. He will be responsible for protection sales through the IFA channel. Noone previously ran Bupa’s individual protection and group risk sales operation.

Five ways to invest in the connected world

Smart utility metering; fitness trackers; connected cars; smart factories; precision agriculture: the internet of things encompasses myriad applications. But how do you gain exposure – and profit – from this growing trend, asks Neptune fund manager & CTO Ali Unwin. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating […]

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