View more on these topics

Poor service is costing us money

I am writing in support of the recent comments raised by both Julian

Stevens and Nick Bamford regarding the service standards we IFAs are

forced to suffer these days.

I do not think that it does any good necessarily to name names but

there are particular incidents of companies where service standards

are much worse than those of others and they must be called to


Companies do not seem to either understand or care that, when they

provide faulty service standards, they are costing us money.

IFAs may care to follow our example of issuing them with our terms of

business and sending them an invoice where their work is substandard.

The other way of dealing with this (perhaps a last resort) is to vote

with one&#39s feet and not support those offices where service standards

are at an unacceptably bad level.

I think the biggest problem inside insurance companies is that they

seem to employ staff who can neither read nor write nor have any

interest in doing so.

There are some amazing incidences of total incompetence and, while I

would have preferred not to have named names, here are a couple of

very current howlers:

•Legal & General is still sending certain correspondence to

my old address, despite between 16 and 20 letters telling it that I

have moved since I did so nearly 18 months ago.

Different persons have even promised a total of five times that they

have amended all of its records. This also happened the previous time

I moved. It does not understand that important documents can go


•A different company sent a client surrender cheque, not to my

previous address but to the address prior to that, when the person

had a current letter from me in front of them.

•Scottish Provident refuses to acknowledge a fax which requests

that it assumes risk and confirms safe receipt of the fax the same

day. It says it is not its practice.

Who carries the can if there is a claim and it says it did not

receive the fax, even if it has directed you to an incorrect fax


Ritchie Salkeld


Ritchie Salkeld & Co

Independent Financial Advisers,

Barns Green, Horsham,

West Sussex


FSA flood warning

IFAs will have a busy time of it in the next 12 months, if only indealing with the masses of publications forthcoming from the FSA. Intotal, starting from this month there are 81 publications on thetimetable before the end of the year.These take the form of discussion papers, consultation papers,feedback statements, draft rules or policy […]

Halifax offers advice on &#39spring cleaning&#39 finances

Halifax bank is urging people to “spring clean their finances” bylooking for better mortgage, insurance, savings, loan and pensions&#39deals.It advises borrowers to ensure that their mortgage repayments arecalculated on a daily interest basis as people can make substantialsavings by ensuring every penny paid to their loan immediatelyreduces the amount owed andthe interest paid.When it comes […]

Derbyshire launches first time buyer mortgage

Derbyshire Building Society has launched a first time buyer mortgage to help home-buyers get a foot on the housing ladder. It is a three-year stepped discount with a reduction off its standard variable rate, currently 5.59 per cent, of 2.40 per cent in the first year, 1.44 per cent in the second and 1.00 per […]

Catalyst brings together EIS portfolio

Catalyst Investment Group has established a second enterprise investment scheme (EIS) fund that invests in a portfolio of between four and 15 EISs. The fund aims for growth by investing in small and developing companies over a five-year term. With a minimum investment of £3,000, it is designed as an alternative to EIS portfolio management […]

Pensions Dashboards around the World

Steve Webb’s latest policy paper British savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in ensuring the successful delivery of a Pensions Dashboard. The report, ‘Pensions Dashboards around the World’, coincided with a major conference that was held on Monday 16 May and brought together experts […]


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