Under fire self-invested pension firm Hornbuckle, which has faced a number of complaints in recent months over its service levels, has announced a major overhaul of its property service proposition, including the outsourcing of all day-to-day administration.
As revealed by FTAdviser yesterday (10 September), specialist property consultant Lambert Smith Hampton will assume the administration activities for all Hornbuckle properties.
This follows a number of complaints in recent months, including from one adviser who spoke to FTAdviser over a dispute relating to an invoice for time it alleges was wasted as a result of poor service, in particular in relation to property transactions.
Hornbuckle agreed to pay half of the £3,740 billed, with Sabre Financial Planning director Stuart Read saying he has threatened to take the firm to a small claims court to recover the remainder. The case is currently being re-considered.
In another case, reported by FTAdviser in May, an adviser’s clients said they were left in an “awkward position” after her agency was terminated by the firm following a string of complaints over service standards.
Alongside the outsourcing agreement, Hornbuckle has announced the roll out of a new “fast-track” property service, ‘signature’, which uses standardised documentation to speed up processing of “tenanted, single-lease” commercial properties.
The firm said in a statement: “The new service... allows clients and advisers to independently assess whether their proposed property purchase is eligible... while providing the indicative purchase and insurance cost, as well as providing links to required documentation.
Hornbuckle’s managing director and head of proposition Patrick Van de Steen, said: “Using this service, clients will experience ease of use, transparency and value for money. With signature, no time or money is wasted.”
The provider has also announced the creation of a panel of property experts in the fields of conveyancing, insurance and property management, which it said will “develop innovative purchase and administration services for commercial property in pension plans”.
Alongside Lambert Smith Hampton, which will offer property management and consulting services, the panel includes Eversheds, Morton Fraser and Shean Dickson Merrick - which will provide legal services in England and Wales, Scotland and Northern Ireland respectively - and insurance broker Bluefin.
Mr Van de Steen added: “Commercial property is and remains a key asset class for clients and advisers. The combination of these quality partnerships ensures that we can deliver the best service and innovation at the pension and property level for our clients.”
