Phoenix Life is reviewing the charges on its Scottish Provident unit-linked funds after refunding a former financial adviser who realised he had been overcharged for years.
The provider said it started reviewing the policies in June last year and has so far identified "some other customers [who] have been affected". It said it will "contact all those impacted as soon as our analysis has been finalised" and will "put [them] back into the position that they should have been in". The closed life fund consolidator had faced a complaint from a retired IFA who found he had been overcharged by 20% on his Scottish Provident monthly life assurance premiums due to rounding errors. Phoenix took over the running of Scottish Provident's closed book life and pensio...
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