FASA 2022
Pensions and Protection

Just as providers started to get used to navigating a post-Covid world, the UK was hit with a cost of living crisis and a volatile economic environment, which once again put their service levels into the spotlight.

Pensions and protection advisers have once again been in high demand, with clients seeking reassurance about their retirement plans as markets reacted to the conflict in Ukraine and the UK continued to battle with the fallout of the pandemic and ever-growing inflation.

The cost of living crisis also threw another spanner into the works with soaring energy bills, increasing food prices and higher rates on mortgages tempting clients to make cost-saving decisions on both their protection premiums and contributions into their pensions.

Amid this, some providers have proved their worth and shown good service can be delivered in volatile times, with advisers awarding companies such as Scottish Widows, Curtis Banks and Dentons – to name but a few – the coveted five stars. 

Not only did these providers have to adapt and change when the pandemic hit, moving to home working, but they have also had to navigate a period of uncertainty and provide extra support to advisers and their clients.

For example, Scottish Widows created specialist support materials in the form of webinars, vlogs and expert series publications.

Jackie Leiper, managing director of pensions, share dealing and distribution at Scottish Widows, says: “As we have emerged from the pandemic, we have continued to support our advisers with their remote or hybrid working practices. 

“We have invested in technology with a focus on improving service and making life easier for advisers.”

Other providers turned their attention to technology, looking at how these services could be improved to make processes quicker for advisers, as well as less onerous.

Elsewhere, JUST Group also digitised more processes and turned its attention to its support team, choosing to give advisers the direct dials of its sales contacts for better access.

“Putting the needs of our customers first is at the heart of everything we do,” says Matt Pheasey, director of retail distribution at JUST Group. 

“It underpins our purpose, to help people achieve a better later life.”

amy.austin@ft.com