Aegon admin delays trap £40,000 for nine months

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 8 December 2018

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

In March of this year Money Box listener Nicola's financial adviser made his first attempt to move her investment fund, valued at £40,000, from Aegon to another provider. Nine months later, despite making a formal complaint and taking their case to the Financial Services Ombudsman, the money has yet to arrive. To date Aegon has offered Nicola £100 which it increased this week to £500, as an apology "for the unacceptable delays she has faced in the transfer of her funds." Guest: Nicola's independent financial adviser, Iain Forrest, Director of Forrest Financial Management and we also hear from the Financial Ombudsman Service.

Dan Whitworth reports on a HMRC VAT exemption rule clarification which recently came into force and has resulted in some people seeing a sudden increase in their property management company service charge. The clarification is intended to make it clear that third parties such as property management companies are subject to VAT. Some of these companies have started to pass the cost on. Guest: Alan Pearce, VAT Partner, Blick Rothenberg.

A pensions dashboard which will allow people to see their scheme details, old and new, big and small, in one place, online, for the first time is due to go live next year. However the first version won't contain state pension details and once it’s up and running pension providers will be able to offer their own commercial dashboards. Guest Sir Steve Webb, Director, Royal London and former pensions minister.

Presenter: Adam Shaw Reporter: Dan Whitworth Producer: Charmaine Cozier Editor: Richard Vadon

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds. Welcome to this download of Moneybox, the program
0:39.8	about all your money. Now, there's a little bit extra in the podcast, and that little bit
0:44.0	extra is Dan, our intrepid reporter. Dan, interesting program today. We had this really big
0:50.0	story that you were looking into. It was actually quite complex, wasn't it? Yes, quite concerning
0:54.7	for people I would imagine who do live in properties that they have to pay this service charge
0:59.2	for. There's clarification in the rules on this from HMRC. VAT is going to be applied to certain
1:04.9	elements of the service charge. So if you live in a managed property and there is a service charge
1:09.6	and there are many millions of households who do live in those kind of properties, you really want to try to find out from
1:15.1	your management company, from your managing agents, if you're going to be subject to any
1:19.1	riders in that service charge.
1:20.0	Now, listeners will hear a lot more about that in the program itself, but I think
1:23.6	this story came from one of our listeners.
1:25.6	Yes, and it's always great when listeners get in touch with us.
1:28.2	Quite frankly, they know what's going on in their lives better than we do.
1:31.6	And if there's anything that they're concerned about, anything they've got any questions about when it comes to their personal finances, I'd urge any of them to get in touch with us.
1:39.1	It's really easy to do that.
	...

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