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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.”

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