View more on these topics

Widows criticised over mailshot to IFA clients

Scottish Widows has apologised to IFAs after the latest in a series of admin bungles which saw IFA clients sent a mailshot inviting them to contact a Lloyds TSB consultant.

Widows admits it accidentally issued nearly 1,000 IFA clients with a mailshot aimed at encouraging Lloyds TSB clients to increase their pension contributions.

The mailshot advises clients to contact a Lloyds TSB financial consultant or phone a helpline.

When Money Marketing rang the helpline, the representative repeatedly tried to set up an appointment with a Lloyds TSB financial consultant, despite being told the caller was an IFA client.

The latest bungle follows earlier letters to IFA clients giving guidance on how to find an adviser.

Financial Independence partner Karen Shaw says: “I was absolutely spitting feathers when I saw this letter. There was nothing in it about contacting your IFA. They should write to their policyholders again telling them to contact their IFA.”

Walker Watson Financial Services partner Frank Dolan says: “There are some genuine errors but cross-selling occurs. Major insurers like Lloyds TSB make the system work to their own advantage.”

Widows spokeswoman Lisa Hunter says: “The helpline was set up to deal with existing Lloyds TSB Life customers. We are ensuring the Scottish Widows&#39 sales code of conduct questions will also be asked by the Lloyds TSB Life call centre.

“Scottish Widows apologises for this incident. We will ensure any incremental business generated as a result of these mailings will be credited to the IFA.”


Head of intermediary lending leaves B&W in wake of restructure

Bristol & West head of intermediary lending Clive Watkins has left the bank after only one year following an internal restructure.Watkins says he resigned after what the bank describes as “internal housekeeping” left him with the option of two new positions, neither of which he felt suited his ability.B&W says he gave notice after applying […]

Standard Life – Health Cash Plan

Tuesday, 27th March 2001.Type: Group healthcare cash plan.Minimum premium: £6.30 a month.Minimum-maximum ages: 18-65.Maximum benefits: Single £7,500, couple £30,000.Deferred period: Six months. Maternity/paternity cover and complications of pregnancy – one year. Accident – no deferred period.Commission: Initial 30 per cent, renewal 5 per cent.Tel: 01483 553461.

Standard sells Isas through website

Standard Life Investments has enhanced its website to allow new and existing customers to buy Isas and monitor their fund performance online.The company is hoping to give investors greater control over their investments.Customers can use a debit card to buy a Standard Life Investments Isa on the website.Once they have gone through a registration process, […]

A healthy option

The consultation period on the Treasury&#39s proposals for regulating long-term care insurance is drawing to a close. No other form of insurance has been recommended for regulation by the FSA but LTC insurance is being treated as a special case.In part, this is because elderly consumers are considered to be particularly vulnerable but there are […]

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm