Everyone makes mistakes but the financial services sector seems to make an art form out of doing so.
Twice this week we have had to do unnecessary work because a product provider could not get the simplest of transactions done correctly.
AVIVA were the first culprits.
A client wished to top up his existing Personal Pension ahead of the tax year end so we called them and asked what they needed for this to happen.
“Let us have a cheque and a letter from the client confirming the investment funds into which the payment would be invested”.
No problem so our administrator Emma drafted the required letter and we emailed this across to the client so that he could action it ahead of the year end.
48 hours later we get a letter from AVIVA telling us that it was not possible to pay a single contribution into the plan that the client held with them and that he would need to have a new plan and in order to create this new plan complete a new application form.
Why do the job once when you can do it twice?!
AVIVA must be one of the leading firms in making it difficult for a client to invest with them.
Second culprit is week is Capita.
My client is a member of his employer’s money purchase pension plan.
As part of the advice we provide we recommended that he redirect his future pension contributions into a range of available funds and switch his existing holdings as well.
He duly acquired the necessary switch forms and details of the available funds and we completed these on the form. He signed the switch form and we sent it off to the administrators Capita on 21st March.
On 2nd April we get a letter from Capita telling us that they could not accept our instructions to switch because they had no letter of authority on file to deal with us.
The form was signed by their client.
I have pointed out that they don’t need our authority to carry out a member’s instruction but what a waste of everyone’s time!!
Photo credit: Flickr/Dave Stokes
