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Scottish Widows admits post-Budget service problems

Scottish Widows admits its service standards have dropped in the wake of the Budget and is training extra staff to address the problem.

The insurer came under fire last month for delays in carrying out open market option transfers and answering telephone queries.

At the time sources said Widows was taking 23 working days on average to carry out an Omo pension transfer and 25 minutes to answer calls.

Complaints about the provider have continued to flood in and the latest data seen by Money Marketing suggests Widows is now taking 30 days on average to process transfer requests.

Scottish Widows retirement proposition director Stuart Paton Evans admits the firm has experienced a fall in service standards in recent months.

He says: “There has been a drop in service standards and that is something we are addressing.

“It has been driven by a couple of factors. The tax year-end was very busy and the Budget announcement has also seen a significant increase in the number and complexity of calls we receive.

“We have recruited and trained a number of additional staff but because of the complexity of the Budget changes we need to take the time to make sure our customers are supported.

“We are working to get our service standards returned to the levels advisers and customers would expect.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Have they only just fouind out ?

  2. you only have to look at their twitter feed @scottishwidows to get a true understanding of just how bad the situation is.

  3. Julian Stevens 30th May 2014 at 10:36 am

    Quite, JP. Scottish Widows’ service standards have been appalling for far longer than just a few months since this year’s Budget. Not only do they keep you waiting on the phone for half an hour or more but most of what they then promise to do simply doesn’t happen so you have to waste another 30 minutes plus trying to get through to somebody to find out why. They don’t even acknowledge applications or formal complaints. A truly dire outfit.

  4. I could not miss an opportunity to comment on such a serious . . .and long standing problem . . .IE ” Service ” standards at the Scottish widows fund and life assurance company for widows and ophans. Put simply if you were no an orphan before you supplication – there was every possibility you would be before they paid out ! If Ever ? I am still waiting for my full cash equivalent form 1993 – which along with Aegon the Trustees ( of both insurance companies – are involved in fraud ). Scottish widows had the same issues when they paid out commissions to insurance brokers and accountants – during the ” protected Rights ” pensions into stakeholder and their brand . . . . ” penisonbuilder ” – for which protracted delays – and underwriting and administration lasted for six years . . .and some even longer. Then there was the pension commission payments internal audit . . . and attempts to reclaim commissions – with those they could not claim paid for, remain undisclosed and paid out of with profits funds ( as sloppy widows was a mutual ) . The point is there are a few at the top generating their income – and as you go down through the administration ( down through the iceberg / pyramid ) the value of the administrator at this low level provides little value – but huge employment costs and savings because she is cheap . Scottish Widows, unprofessional , slow, inefficient, ineffective – lacking in care and due diligence, fail to keep accurate records – lack of compliance lack of integrity – poor quality poor value and most importantly No One Will Take Responsibility – from the chairman the board of directors , actuaries the results of the sloths and a slovenly, and in my opinion an insolvent company.

  5. Christopher Petrie 30th May 2014 at 1:25 pm

    We’ve recently taken on about a dozen SW Retirement Account clients…that’s their modern pension scheme.

    It’s outdated (still separates out Protected Rights) and though their staff are keen to help it can take 45 minutes to answer the phone!). Email replies take 3 days for a reply…if at all.

    We’re discussing with a couple of these new clients moving to a more organised platform…at our expense. It would save us much time (money) in the long run.

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