LV= will pay customers four times the compensation they would have received from recently acquired Tomorrow for not receiving their pension commencement lump sum within seven working days.
The provider will pay unsecured pension customers a £1,000 lump sum if it fails to meet its promise to deliver the tax-free cash on time. The guarantee applies to all unsecured pension applications invested fully in insured funds, the discretionary management option or the fund supermarket SIPP, received between 1 January and 30 June 2008. Rodney Cook, managing director of the LV= life and pensions business, says: “We understand that service standards count to both financial advisers and their clients. "When all formal documentation has been received by us there is absolutely no reason ...
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