An adviser has hit "numerous" dead ends while trying to place an annuity with Scottish Widows.
According to the adviser, every time he has tried to call Scottish Widows, he has been directed to automated messages asking for the policy number.
"I don't have a policy number, obviously", said Julian Pruggmayer, principal of Financial Risk Management. "I'm trying to get one. But there is no other option being presented to me and the phone just cuts off each time."
He told FT Adviser that he had sat down with the client and gone through iPipeline's annuity product comparison tool, Assureweb, to find the most appropriate policy.
I am baffled. Don't they want my business?Julian Pruggmayer, FRMWhile the Standard Life Pension Annuity offered a slightly higher payout, there were no guarantees attached.
The second ranked product was the Scottish Widows Annuity, which offered a "good payout" and guarantees.
Pruggmayer said: "After talking through this with the client, he agreed that certainty and security was more important to him, so he wanted the Scottish Widows annuity."
But then came the difficulty in actually placing the business with the company, which has recently asked for feedback from advisers on improving various parts of its service.
Pruggmayer said he originally logged into the area designated for advisers, but found he could not place the business online. So he rang the number given on the Scottish Widows' adviser website, under the annuities section.
"The number given there is 0330 845 0099, but she told me I was on the wrong SW website and gave me the number of 0345 755 6557.
"But when I dialled this, it asked for a policy number. If one is not forthcoming - as obviously I couldn't give one yet - it cuts you off.
"I then rang the switchboard number (0131 655 6000) and got through to another a recorded message. It answered, asking for a policy number. As I did not have one, after a few seconds I was cut off."
Round in circles
Pruggmayer said he felt he was going round in circles trying to place the business for his client, so he decided to call the complaints team and get a speedy resolution.
"But oh no, you think that would help. It didn't. I called complaints on 0345 716 6777 and was answered by a recorded message asking for - guess what? A policy number.
"And no prizes for guessing what happened when I didn't have a number? Yes, I got cut off."
When asked if he had called his BDM, Pruggmayer said he did not have one and there he could see nothing on the adviser site that could direct him to a named person with a phone number that he could call.
The public-facing site also shows options for placing annuity business - but only if you are an existing customer (see screen grab).
He finally called a different department from a contact list for relevant departments.
Pruggmayer said: "Anyway, I got a recorded message asking for the policy number, and after a few seconds I got cut off.
"I'm seeing the client tonight (February 21) and he's expecting me to say he has an annuity set up. But this makes me ask myself whether I should bother giving them the business."
He added: "I am baffled. Don't they want my business? I know people have complained about service levels [at the company] but I can't even get a policy placed."
FT Adviser has asked the company about the situation.
While FT Adviser was awaiting for the right to reply from the company, a person from Scottish Widows phoned Pruggmayer, who was on a call to the FCA at the time.
When he tried to ring the number back, he got an automated message and it cut off.
FT Adviser also tried ringing the number - 0800 169 7762. An automated voice said: "Lloyds Banking Group has called you today and will try to call you again at a convenient time. There is nothing you need to do now", and cut off.
Pruggmayer has since sent an email to the person from Scottish Widows outlining the issue, and received a reply offering him the ability to send the application form by email.
In the email, seen by FT Adviser, the email states: "Please make sure to include your policy number and reference number on the form itself. This will help us identify your application and avoid any delays."
Pruggmayer said of the request to include the policy number: "Work that one out, if you please."
In February last year, an adviser complained to Scottish Widows after receiving a letter with incorrect information on client pension charges.
After going to press, a Scottish Widows spokesperson responded, saying: "We’re sorry for the difficulties Mr Pruggmayer had when trying to get in touch with us. We’ve spoken to him today to apologise, discuss next steps and progress the request as a matter of urgency.
“We accept annuity applications from 6 of the largest IFA portals (one of which is free to register for IFAs) via e-mail and post. In 2023 we successfully helped over 13,000 customers secure an annuity.
“We do require the customer’s ceding scheme details (including a policy number) in order to accept an application – this allows us to request the customer’s funds without delay.
"Accepting applications without full information can lead to unexpected delays for the customer and their IFA.”
Have your say
Have you had any difficulty placing business with providers recently? Contact FTAdviser editor Simoney Kyriakou on simoney.kyriakou@ft.com or leave a comment below.
NB: This article was updated after publication on Wednesday 21 to include the response from Scottish Widows.
