Pru UK Avis 3 627

I would strongly encourage consumers to exercise caution and ask detailed questions before placing trust-held investments with The Pru.
In my family’s case, a PruFund Investment Plan valued at approximately £105,000 was surrendered to a third party connected to the wider Philips Trust Corporation / Family Trust Corporation scandal. The surrender was processed using documentation which should not have been accepted for this product and included signatures that we believe were not properly authorised under the trust arrangements.
Of particular concern was that the form used contained wording stating that it should not be used for the type of investment plan it was ultimately used to surrender.
The Financial Ombudsman Service rejected our complaint, concluding that Pru acted in “good faith” (FOS investigators second reason for rejecting the complaint after the first technical reason for rejecting the complaint was challenged and proved incorrect). During the investigation the Pru did not provide documentation requested to demonstrate their regulatory required policies and procedures that should have protected client funds. However, we remain concerned that the wider regulatory and procedural issues were not properly examined in a fair and transparent manner by FOS.
This is not an isolated issue. Evidence presented to the FCA suggests that hundreds of trust-held investments across multiple regulated firms may have been surrendered under similar circumstances, involving tens of millions of pounds affecting elderly and vulnerable consumers, however, the FCA has stated “…complaints about the actions or decisions of the Ombudsman Service fall outside the scope of the FCA Complaints Scheme.”.
The matter has now been escalated to the Financial Regulators Complaints Commissioner for independent review.
Consumers with trust-held investments should ensure they fully understand the safeguards and verification procedures their provider applies before any surrender or transfer of funds is authorised.

Finding this company extremely difficult to deal with we have a bereavement claim going since last September 25 and we issued a complaint … they agreed there service was poor on the 18th March and was going to review after 30 days!! And still of 5th of May we have had nothing.. the customer service can never ever give answers and every thing takes 10 working days by post if they need more information which usually they have had multiple times, it’s so frustrating as we have young children being dragged through this terrible process..

Once I got through to someone to talk to, process
Was quick and easy

No further comment

Easy to use online process, clear communication and swift progression

Prudential was OK overall, but this inquisition is rather excessive!

clear instructions on how to register for online withdrawal request which worked well

Disappointed to discover I had to transfer my 2 pension plans away from one of the largest pension providers because my plans did not allow me to draw-down. The transfer process then took almost 2 months which I felt was held up partly by the processes that Prudential have in place. Having said that Prudential were communicative and professional throughout.

Helpful friendly person helped me to withdraw funds from my account on line without any problems easy and quick and the money arrived within 5 days.

Helpful in my opinions

It was easy to speak to someone and I fin the people who answer the phone call are always so knowledgeable and helpful

Although the initial contact required more than one phone call, once through to the correct team the experience was fine. The person I dealt with was very helpful and the whole process was completed in the timeframe given.

Very easy to use the secure online service.

It was fine thanks

The web site works well and finding the information I wanted was not hard

The money was in my bank when you said it would be.

I was treated with courtesy and respect, answered all my questions, my funds arrived promptly, I couldn't ask for more than that, could i.

Overall I was satisfied with the online experience. My transaction was handled in a reasonable timeframe.
I got done what I needed to get done.