Standard Life (SL) will review the wording of letters sent directly to investors after advisers complained they were incentivizing clients to drop IFAs.
The insurer said it may make clearer to clients the implications of removing an IFA from their records in its correspondence, and said it will review the wording of its letters to IFAs on the matter.
In December, SL denied its letters sent to personal pension clients were an attempt to poach investors from advisers, and insisted the mailout was a data gathering exercise.
The letters asked clients to update their details such as their name and address, and included a tick box to remove their financial adviser from their records if they no longer use that firm's services.
If clients tick this box, their advisers receive a letter from SL which says their client has asked SL "to appoint a new financial adviser".
In correspondence seen by IFAOnline, an SL representative said that this statement will be reviewed as it is misleading.
SL said the statement "we have been asked to appoint a new financial adviser", which is included in letters to IFAs who have been removed from client accounts, is not always correct, as some customers are only confirming that they have no adviser, not that they have replaced their old adviser.
The insurer also said in the letter: "It would be helpful if any future mailing warned customers that their adviser will be removed from their records if they tick the box."
Alex Gordon, executive consultant at IFG Financial Services who complained to SL about the issue, said: "Whilst I would not say the letter is very confusing if it is read and considered carefully, the client will not be aware that we will no longer be able to obtain information on their plan."
Last month, another adviser revealed he had been removed from his client's plans with SL without permission.
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