View more on these topics

Phoenix pays up over pension switch row

Phoenix Life has agreed to pay nearly £3,000 to an IFA’s client after their complaint was highlighted by Money Marketing.

Earlier this month, Money Marketing reported that an IFA was preparing to take Phoenix to court after the company, a Financial Ombudsman Service adjudicator and an omb-udsman, rejected his claim.

Fernleigh Wearden & Co partner Paul Wearden’s client lost £2,800 as a result of delays in transferring his pension pot into a money fund in September 2008.

Phoenix argued it could not carry out the transfer because the switch forms were not completed properly and Wearden incorrectly named the fund the “cash” fund instead of the “money” fund in paperwork.

Wearden claims that the payout is an “embarrassment” to the FOS and a “a victory for common sense”.

A Phoenix Life spokeswoman says the decision to reimburse the client follows a change to the firm’s switch process after a review.

She adds: “Based on the review, we have decided to treat this as a special case. We will therefore be arranging a transfer of an additional £2,777, plus interest.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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