Life offices failing to look after clients

Professional Adviser
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problems with administration systems are leading some advisers to withhold their business or charge life companies for wasted time

Clerical Medical's closure last year to new business for group pensions was a spectacular side-effect of failures in administration systems in life companies. But the effects of mergers, badly designed procedures and costly, ineffective software also have consequences for intermediaries and their clients. Advisers across the industry believe service is getting worse and this is starting to determine which companies they recommend and has lead to an increase in the practice of charging offices for time on lost business. Some brokers have started withholding business from some of the lar...

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