Revealingly, IFAs say they spend atleast 90 minutes every week on ironing out pension and life company faults.
Over a third of the Professional Adviser panel spend more than four hours a week dealing with life company errors. Nearly half (45pc) also believe over four hours a week is wasted through pension and life companies causing delays in processing business. The area which caused the highest level of complaints from IFAs was new business processing at 32pc with sub standard pension administration annoying 23pc of advisers. The findings come after Ian Green, a director at Caversham Buchanan, forced an apology from Scottish Life for administrative errors and delays he claims wasted hours ...
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