FT Adviser readers had plenty to say about providers, the consumer duty and service levels after one adviser had trouble placing an annuity with Scottish Widows.
One reader was sympathetic after also having troubles placing annuities with the provider.
As mentioned in our comments, they then questioned whether consumer duty was having the desired impact on providers and the service they provide.
They added: “Seems to me that consumer duty has been viewed as an important part of an advisers’ business and implemented accordingly and totally ignored by many product providers. Perhaps the FCA should take action accordingly?”
In an email to the editor, another adviser said: “Consumer duty only seems to apply to financial advisers, the big pension companies just ignore it.”
It comes after FT Adviser reported that every time an adviser tried to call Scottish Widows to place an annuity, he was directed to automated messages asking for the policy number.
After he felt he was going round in circles trying to place the business for his client, he decided to call the complaints team and get a speedy resolution, but to no avail.
Advisers have taken to the comment section to share their experiences with Scottish Widows.
Others complained about different providers.
However, some advisers have offered some helpful hints on how to get annuity business placed without resorting to phone calls.
For example, one reader said the solution would have been to download an annuity application form from the quotation portal and post it to Scottish Widows.
They added: "The correct address would have been on the form and upon receipt, Scottish Widows would have emailed confirmation and a policy number and confirmed that they were requesting funds from the ceding provider."
amy.austin@ft.com
