He argued that something serious needs to be done to address these timelines from UK pension providers.
“It has gone too far and been unchecked. I truly hope the FCA's consumer duty regulations put an end to the largely diabolical service that many UK pension schemes provide to clients and/or the appointed financial adviser."
He added: “Unfortunately, I feel that many of the UK schemes are not correctly re-investing in their technology infrastructure systems and instead see existing members as cash cows that will never leave.”
On a more positive note, Philip Martin, managing director at Unique Financial Planning, argued that not all the providers that are causing these frustrations.
“We see a mixed picture, with some companies like Scottish Widows, Royal London, Aegon and Zurich regularly providing good quality information in a timely manner, but others such as Nest or Prudential - at least in our current experience - are delivering appalling turnaround times and patchy accuracy.
“One can only wonder how these businesses can meet their consumer duty obligations without a hard examination of the service they are providing clients and advisers.”
FTAdviser contacted Nest and Prudential for their comments but did not have a response as at time of publication.
sonia.rach@ft.com
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