View more on these topics

Omo campaign is not a priority for Widows

Scottish Widows admits that implementing the Association of British Insurers’ open market option initiative is not a priority for the firm.

Widows and Zurich are the only firms, of the 16 providers that signed up, not to have implemented Options despite it launching in December. Zurich expects to go live by the third quarter but Widows would not set a date.

A spokeswoman says the insurer intends to “get on board eventually” but she adds: “It is not a priority for us. It is taking longer because we do not have a service standard that needs to improve. We need to make sure it will not be detrimental to our current service.”

The firm claims transfers take an average of seven working days while the average time for Options was eight calendar days in the first quarter.

ABI spokesman Jon French says: “We would like Scottish Widows to go live as soon as possible because, while their procedures may be good, Options is about companies talking to each other.”

Hargreaves Lansdown pensions analyst Nigel Callaghan says: “This sadly speaks volumes about how highly Widows rates its customers’ interests.”

Recommended

Sales boosted by a sunny April

British retail sales rose in April thanks to the effects of some sunshine and Easter.According to the British Retail Consortium Retail (BRC) Sales Monitor, like-for-like British retail sales (which do not include sales from new shops) rose 4.6% in April compared with the same month last year. Putting the figures into context, the BRC says […]

Buy-to-let continues to struggle, says CML

The UK buy-to-let market continued to struggle in the first quarter of 2009 as funding restrictions and falling house prices took hold, according to the Council of Mortgage Lenders.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment