IFAs have hit out at National Provident Institution (NPI) for hindering access to client product performance details in what they see as a bid to retain assets.
Most providers issue client authority letters - which authorise correspondence on products made through a designated IFA - at the start of a product term, but now NPI has announced it will be issuing the letters every two years. This means an IFA has to get a new letter from a client if it is two years or more out of date before they can view client information. However, IFAs are angry NPI did not tell them when the two years were up, or that they were changing the rules. They said it is a protectionist move by the firm to hold on to its assets as an IFA wishing to withdraw a clien...
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