An adviser has attacked Axa after it took nearly three years to inform him of a transfer of client funds.
Tinsdale Investment Management principal Nigel Tinsdale says he was startled when he got a letter on November 9, over a Sun Life unit services personal pension plan, telling him his client’s funds would be switched into a managed fund from February 12, 2005.
When he rang Axa to ask why they had sent the letter two years and 10 months late, the firm said it had a “bit of a backlog”.
Tinsdale says: “The letter came completely out of the blue. They said they had a bit of a backlog and they are working through it.
“Since A-Day, they have had the same excuse on every annuity that I have put through. It takes them three to four months to do this and they always put it down to a backlog.”
Norwest Consultants principal Harry Katz says: “This is a new record. If Sainsbury’s had admin like this, you would turn up and nothing would be on the shelves.”
An Axa spokesman says: “This is a highly unusual case. We are conducting an urgent review to look at why this happened. We apologise to the IFA and the client for any inconvenience.”