As the issue of service standards becomes increasingly high profile providers must raise their game to avoid the possibility of government regulation. Helen Morrissey looks at what the industry is doing to improve matters
Service standards have long been an issue within the pensions industry. The time taken to process transfers in particular has been highlighted with even simple transfers taking several months to complete. This can have knock-on effects for both the adviser and their clients as these delays can cause much frustration for the client waiting to receive income from their pension. In addition the adviser has to spend large amounts of time and effort chasing providers for information. How this issue can be successfully resolved is open to debate but providers know it needs to be addressed quickly...
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