Fidelity reviews IFA authorisation process
Speaking on advisory social network IFA Life, David Hindle of Derbyshire-based Sterling Asset Management, said his client’s pension was part of a bulk transfer to a Fidelity S32 scheme, and that they failed to offer him any assistance in the transfer of paperwork.
Mr Hindle said his client received the transfer paperwork from Fidelity and forwarded them on to him, but when they did not arrive, Fidelity stated it would take up to 10 days to action a letter of authority and send duplicates.
He added: “Fidelity said that if the client rang they would send the paperwork out to me, but they then point blank refused to send anything. My client then asked to speak to a manger who repeated the same. Why would they need to take a stance like this? What does it gain them except for ill-feeling from clients and advisers?”
A Fidelity spokesman said: “We would like to apologise for any misunderstanding or inconvenience caused. We have spoken with Mr Hindle and are working to resolve the issue.
“To clarify, Fidelity may take up to five working days to acknowledge and process the request in relation to a simple letter of authority, however if full information on the client account is needed, this can take a little longer - up to 10 working days.
“Without a suitable letter of authority, Fidelity is unable, by regulation, to deal with anyone other than the member. Fidelity is keen to make doing business with us as easy as possible and as a result of this matter, will be looking into whether we can simplify the authorisation process.”