Phoenix Life has been ordered to pay an adviser redress after the Financial Ombudsman Service (FOS) found it had not responded quickly enough to his complaint.
The ombudsman asked Phoenix to pay the retired IFA £150 to cover the "distress and inconvenience" caused by a delay in handling a complaint about his life policy. The IFA had successfully challenged a bid-offer spread anomaly on a Scottish Provident policy in June last year but Phoenix did not act on its promise to pay redress until six months later. Phoenix took over the running of Scottish Provident's closed book life and pension policies in 2009. The adviser found the firm had applied a rounded bid/offer spread of 6% to premiums on his unit-linked policy when the contractual bid...
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