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Retired IT artisan Roy Strawbridge: ‘If I had developed a arrangement as poor as that I would accept been sacked on the spot’



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A saver has accused Phoenix Wealth of amateurishness and accepted a acquittance of his fees additional advantage afterwards actuality shut out of his alimony anniversary for seven months.

Roy Strawbridge, a retired IT able from Northumberland, is faced with a lock-out awning back he tries to log in to see his portfolio.

He claims Phoenix has acquired him huge aggravation and accessible banking accident due to adversity ecology his investments.



Mr Strawbridge, 59, says the botheration was acquired by the close introducing a new belvedere in March, which has additionally bedfast his banking adviser from assessing his alimony achievement and led to the cessation of an anniversary review.

He says: ‘I acquisition it absurd that they apprehend me to somehow administer the accident of my portfolio after admission to my data.

‘I formed in IT afore I took aboriginal retirement. If I had developed a arrangement as poor as that I would accept been sacked on the spot. They don’t assume to be demography any responsibility.’

Mr Strawbridge says he had agitation contacting Phoenix by buzz and email, but that his complaints did eventually aftereffect in a £350 advantage payout in June. 

Yet months on he still has no abstraction back he ability get admission to his anniversary again.

Meanwhile, he says Birmingham-based Phoenix additionally bungled a contempo tax cipher change which larboard him out of pocket, and issued a approved £825 accomplishment acquittal 10 canicule backward aftermost month.

Phoenix Wealth was created back AXA Wealth was acquired by the Phoenix Group in 2016. It is bankrupt to new business and artlessly supports its absolute bequest clients.

Phoenix says it has offered Mr Strawbridge aboveboard affliction apropos the abeyance of its online casework while the arrangement is upgraded in adjustment to activity an added annual to barter and advisers.

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‘We do recognise that he has accomplished affair and frustration, for which we accept offered a agitation and agitated acquittal and we are admiring to affirm that there has been no banking damage caused.’

Phoenix added that it was accouterment barter who rang up with valuations. It is not bright how abounding accept been bound out of accounts. 

The close fabricated a abstracted acknowledgment and promised added advantage for the backward payment, additional a abatement over the tax cipher issue. Read its abounding acknowledgment below.

This is Money afresh appear on investors’ acrimony adjoin alimony close Aegon over base chump annual and the ‘diabolical’ administration of appointment their accounts from the Cofunds advance platform. 

They accomplished problems logging on and affairs and affairs funds through their accounts. Aegon apologised and beatific £25 M&S vouchers in response. 

But one banking adviser whose audience were afflicted questioned whether Aegon should additionally acquittance belvedere fees in such cases.

Aegon said those afflicted can seek advantage by authoritative a academic complaint. Information on how to do so can be begin on the insurer’s website.

In Mr Strawbridge’s case, he has both a self-invested claimed alimony and a 10-year broken activity accomplishment with Phoenix, and he is actively because affective them abroad from the firm.

He has asked his banking adviser to attending at the abeyant costs of accomplishing this and what added providers ability be suitable.

Mr Strawbridge has additionally complained to the Banking Ombudsman about the difficulties he has accomplished with Phoenix over the accomplished half-year.

‘I accept absent aplomb in the aggregation as they accept bootless to accomplish to a date back the abstracts of my portfolio will be accessible to appearance and administer online,’ he says.

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From a banking adviser’s point of view, Gary Smith, accountant banking artist at Tilney, said: ‘If a applicant encountered this akin of botheration it’s article we would investigate. One affair you accept to be accurate with in agreement of pensions is the avenue fees.’

He would attending at whether there were penalties for affective the pension, if any agreement or allowances on it would be absent or agitated over, and what the antecedent accoutrement fees on a new alimony would be. 

Then, Smith said he would present these abeyant costs to a client, to see if they anticipation it was annual their while to about-face provider.

One added advantage is to accede alteration banking adviser, and accepting the new one to booty a attending at all the aloft with beginning eyes, Smith suggested.

Site suspension: Mr Strawbridge complained to Phoenix in June 2018, apropos the abeyance of our online casework and the added affairs which you accept highlighted.

We offered our aboveboard apologies; we recognised that he has not been able to admission his online action casework for some time, whilst our arrangement is upgraded in adjustment that we can activity an added annual to our barter and advisers.

Phoenix response: Close says it has abeyant online casework while its arrangement is upgraded to activity an added annual to barter and advisers

The affair apropos PAYE codes was additionally addressed in our complaint and Mr Strawbridge was accustomed our affirmation that we would abide to use the tax cipher issued at the alpha of the year, which would aftereffect in him actuality burdened correctly.

This attitude has been agreed with HMRC. In acceptance of this we offered a £350 agitation and agitated payment.

In agreement of the added frustrations, we accept not encountered any problems with the email abode on our website and no added users accept appear problems. 

Despite abeyance of online services, we accept been able to accommodate customers, who do acquaintance us via telephone, with their action values.

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Mr Strawbridge was provided with action ethics by email and in autograph on 23 June 2018. 

We do recognise that he has accomplished affair and frustration, for which we accept offered a agitation and agitated acquittal and we are admiring to affirm that there has been no banking damage caused.

Late payment: We are aboveboard apologetic that Mr Strawbridge has had to acquaintance us afresh apropos his approved payment. 

The acquittal has now been fabricated and should already be assuming in his account.

Our complaints aggregation will investigate and will ensure that he is appropriately compensated for the agitation and agitated that the adjournment has caused.

Tax code: Mr Strawbridge ahead aloft a complaint apropos PAYE codes, in our acknowledgment to that complaint we brash that we would abide to use the tax cipher that we had been provided with at the alpha of the year, which we accept connected to do.

We accept after been issued with a new tax cipher for Mr Strawbridge, which was not activated in time to affect the best contempo payment.

This has now been activated [and] we will align any abatement as appropriate. We will abide to adviser the account payments to ensure that there is no added disruption.

We accept announced to Mr Strawbridge’s adviser and will ensure that any outstanding issues are responded to in band with our complaints process. 

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