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Phoenix offered to introduce IFA clients to rival adviser

An IFA has slammed Resolution-owned Phoenix Life for targeting his clients and offering to introduce them to a different IFA firm.

CPD Independent Financial Advisers principal Alan Parkinson says he was surprised and angered to receive a flyer from Phoenix sent to him and his client, advertising its introducer agreement with AWD Moneyextra.

When Parkinson raised objections with Phoenix, he says the life company told him that its systems were unable to distinguish between customers with or without a current IFA.

Parkinson, who is an appointed representative of Sesame, says: “I could not believe it. This raises the distinct possibility that any non-preferred IFA placing their clients with either Scottish Provident, Scottish Mutual, Phoenix or Resolution will have them passed on to a rival IFA who will undoubtedly accept them with open arms.”

A Phoenix spokesman says: “IFAs should see it as a positive thing because we are encouraging people to take advice. We have been doing this for two years and this is the first complaint that we have had.”

A Sesame spokesman says: “It is unfortunately likely to become an increasing reality of our market and we accept it must be extremely frustrating for hard working IFAs.”


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