Companies  

Standard Life criticised over lax adviser removal process

“This triggered a letter to the adviser (issued the same day) to inform them of the action taken, giving them the opportunity to get in contact with the customer. If the adviser speaks to the customer and the relationship resumes we would be happy to immediately reinstate the adviser.

“As a business we have always been fully committed to the adviser market and that’s not going to change.”

Article continues after advert

Mr Standerwick said: “Providers should have a procedure in place. They should check to see if the IFA is in business, point the client back to us and notify us that the client contacted them. In this case, with this client, we had at least one recent telephone conversation.

“Providers have sales targets and they are driven to keep our clients. There used to be a lot of this behaviour in the past.”