An IFA has claimed a number of providers have agreed to pay him compensation following a raft of "significant" delays and mistakes he believes have been caused by their failure to be ready for a post-Retail Distribution Review (RDR) world.
Ian Roberts, of Norfolk-based ARW Wealth Managers, said five unnamed providers had each agreed to pay him about £300 following a number of mistakes in recent months.
"We've had significant delays, been provided with the wrong information and been told that things have been done when they haven't. The biggest problem has been with annuity benefits - paperwork has been significantly delayed or not sent at all.
"It's a minefield out there are the moment."
Roberts explained that he has only experienced problems with the bigger providers.
"In my view they are less nimble, have more legacy systems and so are less well able to cope with the demands of the post-RDR environment," he said.
"We have experienced problems since November last year. I have asked for compensation because I don't want my clients to be liable for unnecessary fees incurred through the extra work required to sort out these problems."
Roberts went on to explain that he avoids using the bigger mutuals and life companies where possible and instead prefers to use wraps or one of the smaller providers because they are better able to cope with the RDR environment.
However, with about 40% of his work related to legacy products Roberts said he cannot avoid working with these providers.
"We can't just move business because the provider is difficult to deal with, we have to choose products that are right for the client. Similarly, there's a lot of legacy pension business. It's particularly difficult to justify moving this."
Roberts requested that the names of the providers concerned be withheld.
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