We have just dealt with a client who reached the age of 65 and the life company automatically bought its own annuity on a joint life basis. The fact that the client was happy to wait until they are older is apparently not relevant nor is the fact that she is single and therefore a joint life annuity will only profit the insurer concerned. They have rejected our complaint on the basis that ‘this is a policy condition’.
I am appoplectic. Where is the FSA who are supposing to be holding the life companies to account and to make them treat customers fairly? We have taken this up with the company and have at least got agreement to rewrite this onto a single life.
Needless to say we are dealing with a closed fund who frankly do not care for clients and clearly totally ignore FSA rules on treating customers fairly.
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