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Widows&#39 letter tells IFAs&#39 clients where to find an IFA

Irate IFAs have attacked Scottish Widows for writing to their clients telling them how to get an IFA

IFAs say Widows is sending out endowment review letters which includes information about where to get an IFA.

IFAs say the letters enclose the IFA Promotion consumer hotline number and website address as well as the contact details for the FSA. The information appears on a separate piece of paper, under the heading, How do I find a financial adviser?

IFAs say they feel threatened and undermined by the move. They claim it is not right the information is sent out when the policyholders already have an IFA and it could reflect badly on them in front of their clients.

Advisers claim that Widows no longer cares about IFAs or where it gets its business from as long as it gets it.

Riach Independent Financial Advisers proprietor Bob Riach says: “It is completely out of order for Scottish Widows to have these contact details on these letters. It is aware the policyholders already have an IFA, as the letters are going out to IFAs.

“It is similar to Lloyds TSB sending out statements to customers and enclosing details of how to find other banks.”

Scottish Widows was not available to comment.


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