IFA Thameside billed Standard Life for £3,812.50 in March for additional work following the surprise fund revaluation, which wiped 5 per cent off its value.
Director Tom Kean says contacting clients and researching alternatives amounted to aro- und 25 hours’ work but Standard refused to pay and denied “negligence”. Standard admits that a further 19 advisers were refused compensation.
Kean says: “Standard Life does warrant a certain amount of swagger but in this case its arrogance is breath-taking. The work was a direct result of Standard’s muck-ups and they need to cough up.”
A Standard spokesman says: “We appreciate advisers will have dealt with questions from clients. However, as the fund does not come with a guarantee that the unit price cannot fall, we believe it is reasonable to regard questions on performance as being similar to other performance-related queries that, from time to time, advisers will deal with.”