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ScotAm deals double whammy to income drawdown applicant

Bunglebusters makes a comeback this week after Scottish Amicable lost an IFA client&#39s income drawdown paperwork not once but twice.

Abergavenny IFA Colin Thompsett claims his widowed client was left facing a lower transfer value as a result.

The admin saga began last May when Thompsett&#39s client planned to transfer her NPI personal pension to an income drawdown contract with ScotAm. The IFA forwarded the paperwork to ScotAm. When he followed up the case, he was told all the paperwork had been lost but he had not been informed as his consultant was “on holiday”.

He alleges ScotAm wrote to the client directly to request the forms be sent again “not via Colin Thompsett”. The client duly sent the paperwork again, only to be told it had been lost a second time. By the time the transfer was made in July, the plan value had fallen.

Thompsett suggested ScotAm make amends by topping up the transfer value to the level it should have been at the original proposed date of transfer. He says: “Scottish Amicable did invest the money without loss to my client but has failed to compensate her for the aggravation and inconvenience. As she is a widow with a son who is seriously ill, the problems of the financial upset and delay in setting up her plan caused her stress she could have well done without.”

ScotAm spokesman Darragh Leeson says: “We have worked extremely hard to resolve this case and we are waiting for a response from the IFA regarding the goodwill offer of £150 made to his client.”


Gartmore appoints UK retail head

Gartmore is appointing Vivien Gould as head of UK retail products, a position that takes over the strategy and accountability for Gartmore&#39s investment trust business, formerly covered by Michael Wrobel.Gould will also oversee the structure of Gartmore&#39s unit trust and investment trust product range.Gould had formerly been with Gartmore on a six month consultancy assignment. […]

Williams de Broe First Housing Investment Trust

WILLIAMS DE BROE First Housing Investment Trust Type: Split-capital investment trust. Aim: Growth by investing in properties in England, Scotland and Wales with a maximum value of £125,000 in London and £85,000 elsewhere. Minimum investment: £2,000. Maximum investment: None. Investment split: 100 per cent in properties in England, Scotland and Wales. Types of share: Capital […]

A Consumer&#39s View

The future looks tough on the pension front for IFAs. They have to contend with falling commission on personal pensions as providers bring their products into line with stake-holder charges and if the Government does not do something soon, there is going to be a pension strike by investors. What is the point in locking […]

CA relegates league as FSA rejects compulsion

The Consumers&#39 Association has attacked the FSA&#39s proposed league tables, saying they will be seriously undermined because there is no compulsion for product providers to participate. If firms are not compelled to hand over information about their product ranges, the tables will not offer a complete or accurate picture of the marketplace, says the CA. […]

What's going on in the 'offshore' world?

Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]


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