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Phoenix meets shortfall after four-month delay

Pearl-owned Phoenix will make up a £6,500 pension shortfall following pressure from Money Marketing after a client was made to wait nearly four months for an annuity illustration.

Last week, Money Marketing reported that Phoenix had failed to provide the illustration despite the adviser, Informed Choice joint managing director Martin Bamford, contacting the provider over 30 times.

Following MM’s article, the illustration was sent but the delay meant the client’s fund value had dropped by over £6,500.

After complaining again to Phoenix, it has agreed to offer an annuity income based on the original surrender value in August, rather than the lower figure.

Bamford says he had instructed the client to take the case to the Financial Ombudsman Service if the new figure was used to calculate income.

Phoenix admitted to an “unnecessary delay” and also sent a compensation payment of £50.

Bamford says: “It is a great result but we are still disappointed about the length of time this has taken. We will be wary of future dealings with Phoenix.”


RDR roundabout

The RDR merry-go-round keeps turning. Off come basic advice and the sole options of sales or independent advice, and on jump “sales advice” and “guided sales”.


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