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Phoenix in row over renewal cash

An adviser has hit out at Pearl owned-Phoenix, claiming the firm has stopped paying renewal commission on a client’s Scottish Mutual policy and tried to deal with them direct.

Clayton & Company director Rory Clayton says he was told by Phoenix that the move to stop paying renewal commission was a corporate decision. A spokeswoman for Phoenix refused to comment on this point.

Clayton complained to Phoenix after the firm sent his client a retirement pack but did not copy him in or reference him in the correspondence.

He says Phoenix would not explain why the pack had not been sent to him but told him it had taken a corporate decision to stop paying renewal commission to IFAs on these policies.

Clayton says Phoenix told him he was no longer the servicing agent but later said he was in fact still servicing this client. He is waiting for written clarification on this. He says: “Phoenix will probably plead ignorance or claim there is a problem with its systems but how many policyholders will have taken benefits with Phoenix because their adv- iser has not received any information? This is probably the tip of the iceberg.”

A Phoenix spokeswoman says: “Phoenix is currently investigating this case and hopes to resolve any errors that have occurred as soon as possible.”


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A new pension pack

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