Standard Life does for once deserve credit. This week, within 30 minutes, under the triviality rules, closure and payment of fund was agreed and set up, with an expectation of the sum being in the client’s account by Friday.
Chris Marsham, C&M Financial Services
OK, time for a statement of the blindingly obvious. It takes an eternity to transfer pension funds because the companies regard a transfer as non-productive business and allocate a disproportionately small element of their resources to this task.
If you owe the providers money, you may hear the screech of brakes outside your door at midnight but if you are trying to get providers to transfer funds out, then you need first of all to get the clerk in the company who deals with transfers (England) and wait. And of course the forms, the forms……
Blair Cann, M Thurlow & Co
The Options initiative is welcome but there are many more steps which could be taken to ensure customers are treated fairly.
First, all payments should be made by telegraphic transfer, which avoids delays from clearing via a cheque or BACs.
Second, if a client misses a guarantee period from an annuity provider because of ceding scheme delays and they lose out, they should automatically be compensated by the pension company so they are not disadvantaged.
Tough regulations are the only language these companies understand, particularly companies closed to new business.
Owen Wintersgill, Axxis Financial
Response to Tory claims that their policies will benefit IFAs
Politicians always speak with forked tongues. Remember the Gower Report and how the Conservative party started regulation on the road to ruin?
I am sure that they will win and equally sure that they will do little or nothing to put right the mess caused by the FSA.