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Pearl criticised over delays

Pearl Assurance has been accused of communication failures that could have led an adviser to give his client the wrong advice.

CBK principal Peter Chadborn says despite repeated requests, Pearl initially provided only basic information on a client’s endowment policy and did not produce maturity projections until two months later.

He says he would have originally advised the client to switch. However, the maturity projection included details of the “Pearl promise” which meant the client would receive a guaranteed £14,800 added to the policy on maturity, which could have been lost if Chadborn had not chased Pearl so doggedly.

He says Co-operative Insurance similarly did not provide full information on a client’s pension policy and sent back a letter which said: “Please note that it is no longer our policy to complete questionnaires.”

Chadborn says: “The level of communication and clarity of information that providers supply makes it increasingly difficult to give accurate advice. Delays in information provided by these companies means that if a client is charged hourly, their fees will be higher, which goes against treating customers fairly.”


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