As far as I am concerned, that is breach of contract because it is completely different contract terms.
Some kind of IFA liaison man suggested I could charge a fee to my client, a young lady who was given money to put in her pension. She does not have a fee and the money is a gift. What a poor suggestion.
What makes it even worse is that in May, we were told that it was unable to process the payment owing to lack of functionality but it also went on to say in a letter dated May 15 that it would have full functionality during June.
I phoned the main switchboard and was told that the person who was handling the complaint could not accept calls but it turned out that the switchboard operator had never heard of the complaint-handler anyway.
I was then given an IFA line and she still could not take calls. I had to wait 20 minutes to speak to somebody else.
I was then told there would be no functionality until September, which as far as I am concerned means it is unable to comply with the rule on best execution.
Obviously, by this time, I wanted to transfer away but I was told that the transfer value we were given in June did not include the monies that were paid in February and that although this money had not been invested, it would be subject to a penalty.
I told the woman on the phone that the money would not be subject to a penalty. She agreed with me that it would be inequitable and the phone call is recorded.
Just what was Swiss Re thinking of when it sold off part of a very good business? I wrote to the chairman of Swiss Re a couple of times but he has failed to answer. But then, unfortunately, there seems to be a lot of bad manners around these days.
Jamieson Financial Management, Bognor Regis, West Sussex