View more on these topics

Phoenix downplays impact of tech upgrade issues

Tablet-Technology-Computer-Business-700x450.jpgPhoenix Group has downplayed the impact of an IT upgrade in its adviser arm, which clients say has led to issues with receiving pension payments.

The provider is currently running a systems upgrade as part of the integration of Axa Wealth’s pensions and protection businesses it acquired in August 2017.

However, customers who have experienced problems during the upgrade have posted comments online about their frustration with the provider.

In April, a number of customers posted their complaints on a Moneysavingexpert.com chat forum.

One commenter said Phoenix Wealth admitted on the phone it had not been able to pay pensions to approximately 44,000 former Axa Wealth pension holders.

When Money Marketing asked Phoenix Group about this claim it says “this is not true” as “the issue with the systems upgrade is only impacting a relatively small population of customers”.

Phoenix Group was unable to provide a figure of the total value of pensions that have not been paid but reiterates “it is a relatively small population of customers that have been impacted”.

It says the issue that started in March with the systems upgrade is not impacting customers outside of Phoenix Wealth.

A Phoenix Group spokesman says: “Each case is receiving individual attention to determine why the payment has not been made when expected and urgent solutions are being put in place to resolve this.

“We will ensure there is no financial detriment suffered by impacted customers. We apologise to impacted customers and their IFAs for any inconvenience caused.”

Recommended

Phoenix Group hires former FSA chair Howard Davies

Phoenix Group has appointed former FSA chairman Sir Howard Davies as its new chairman. Davies was chairman of the FSA between 1997 and 2003 and currently holds non-executive director roles with Prudential and Morgan Stanley. He will replace Ron Sandler as chairman from October. Phoenix announced in March that Sandler would be leaving the firm […]

Phoenix Life reveal aggressive acquisition strategy

Phoenix says it is pursuing an aggressive acquisition strategy and predicts a number of companies running closed funds will look to offload their books. The firm’s results for 2010 show an £81m drop in pre-tax operating profits, from £469m to £388m. However, the firm says its 2009 figures were inflated due to longevity assumptions which, […]

Standard Life advice arm to advise Phoenix’s non-advised clients

Standard Life advice business 1825 is to advise non-advised clients of provider Phoenix, according to a report released by the investment giant today. Standard Life Aberdeen today published a circular following its announcement yesterday it is proposing to return £1.75bn to shareholders after the sale of its insurance business to Phoenix. Standard Life Aberdeen announced […]

Killing the Sipp cover.jpg
4

Collapsed Sipp provider racks up £56m in compensation claims

Compensation claims against collapsed Sipp firm Lifetime Sipp Company have been valued at nearly £56m, with potentially more in the pipeline, according to its administrators. In a report published on Companies House today, Kingston Smith & Partners gives a breakdown of claims against the provider that went into administration earlier this year. Kingston Smith & […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. GRAHAM MCINTYRE 5th June 2018 at 3:03 pm

    They cannot even find my client’s split of uncrystallised/crystallised funds within his SIPP, this has now held up his withdrawal for over 2 weeks.

    Simply not good enough.

  2. Awaiting for a client projected fund to SRA since Early April say that system updates have not been successful

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