AMP London Life has been criticised for a mailing it sent to Equitable Life policyholders, putting itself as an alternative choice for policyholders. The mailing coincided with the interim report highlighting the cuts to with-profits annuities and warning of Equitable's current financial position. The mailing introduces London Life as not paying commission to its advisers or support staff, something that Equitable was well known for doing in its advertisements.
A Leading IFA has also sent a mailing to Equitable policyholders including a key features document for Norwich Union's stakeholder pension which offers special low charges for transfers over £5,000.
Several industry spokespeople have commented that doing blanket mailings risks giving a bad impression of the Independent Financial Adviser community. There are also concerns about people getting the right advice before deciding to make changes to their investments and pensions.
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