Anger as L&G begins clawback of old pensions commission

Although most affected IFAs are still entitled to approach relevant clients for compensation, many feel too much time has passed to do so. After installing new clawback software in December last year, L&G identified 900 missed cases where customers had prematurely cancelled their stakeholder pension policies with the insurer. It now says a total of £2.4m worth of commission, which had been paid up front to the adviser under an indemnity commission arrangement, is owed to it. Normally, lapsed policies are identified the moment they are cancelled and the adviser notified immediately. ...