A Lincolnshire IFA's retired client has had to wait over two months to access a six-figure sum from Pearl which he needs for retirement planning.
Riach Independent Financial Advisers proprietor Bob Riach requested a transfer of £257,000 from Pearl's closed with-profits fund to Prudential on May 18 and only received confirmation the fund has been transferred last week.
Riach says it took seven phone calls to Pearl before a cheque was finally sent. A dispute between Pearl and Pru over paperwork means the cheque has not been paid out.
Riach says: “Pearl are not bothered about service now they are not writing new business. They are just hanging on to my client's money. This sort of service level is not acceptable.”
Pearl owner HHG spokeswoman Karen Smith says: “There has been a delay and we have written to the customer to apologise. We are offering the client interest to compensate for the delay.”