View more on these topics

Service is a two-way street, L&G tells IFAs

Service is a two-way street and advisers need to focus on improving their communications with providers, says Legal & General group product and corporate director John Pollock.

Speaking at Money Marketing Live in London last week, Pollock said in his former role in L&G’s service department, the insurer had to reject more than 25 per cent of protection applications because they were not filled in correctly.

He admitted that life offices need to make improvements but said IFAs have to follow suit.

Pollock added that despite money and data being readily suited to electronic transfers, the industry remains too reliant on paper.

He said building straight-through processing capabilities to support this remains a key goal.

Standard Life UK life and pensions chief executive Trevor Matthews told delegates that an increased focus on delivering online services will improve efficiency and, ultimately, the reputation of the industry.

Citing his Australian experience, Matthews said advisers started to build a truly professional reputation after wrap accounts took off.

Prudential distribution director Andy Briggs said the insurer invested 100m in its service proposition in each of the past three years. It now executes 50 per cent of group pension service online and is looking to raise this to 80 per cent by the end of the year.

Pollock said: “When I was in a service role, over 25 per cent of protection opportunities came in wrong. We, as an industry, do not provide the service to the IFA community we could but there is an element of vice versa.”

Matthews said: “We need service to play a meaningful role in our relations and there is a real threat to providers who do not deliver.”


Taxing questions for charitable trustees

Following the introduction of the Trustee Act 2000 in England and Wales on February 1, 2001, trustees of charitable trusts who did not have wide investment abilities were granted increased statutory powers.

Consumer debt breaks 1 trillion barrier

Personal bankruptcies are at their highest for 40 years, according to Department for Trade and Industry figures released this week.The DTI reveals Q1 figures showing 13,229 individual insolvencies so far this year, largely due to irresponsible lending and carefree spending. The figure was up 28 per cent on last year, and is the highest quarterly […]

Global energy: positioning for a recovery in the oil price Š

Richard Hulf explains how he and John Dodd have positioned the Artemis Global Energy Fund and where they are finding opportunities. Richard explains how he and John are changing the complexion of the fund to focus on the most efficient oil producers. As he tells journalist Alexis Xydias, in this environment of lower prices, he […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment