Why is this firm still operating in a regulated industry?

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douglasm999's review of ReAssure - www.reassure.co.uk

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“Why is this firm still operating in a regulated...”

Written on: 22/09/2022 by douglasm999 (1 review written)

According to the Ombudsman’s office, the most complained about financial services organisation in the country and no wonder. Repeated frustration, the strain on my nerves and the endless waiting on hold persuaded me to take the remainder of my pension fund so that I would never have to deal with Reassure again.

This final payment has turned out to be the worst administered of the lot. Having submitted the forms, I received an email from Reassure on 6 September stating the payment had been made and would be in my bank within 5-7 days.

Despite that seeming rather a long time for a transfer I waited the 7 days and called Reassure on 14 September. The associate checked and told me that the payment had been made and she would ask the Payment department to check what had happened. This could take up to 48 hours.

48 hours later on 16 September and another colleague checked with the payment department. It was clear no investigation had taken place and the explanation now was that the payment had got ‘stuck in the system’. A rationale akin to the knife bending in the slot of a piggy bank seems less than credible in a modern FS company. She persevered with the payment department and told me that it was too late to make a payment that day but that it would go out on Tuesday morning, Monday being a bank holiday, and I would have the funds then. She was even kind enough to offer that the payment department call me to confirm that this was being done. I assured her that I took her word for it.

Tuesday and no payment arrives. Another call and the customer service rep checks again and quotes the payment department as saying that I should not have received the information I did. They were waiting for manual approval of the amount to be paid i.e. everything I had been told up to this point was untrue. I asked to be transferred to the Complaints Department and spoke to a very nice lady who could see that the payment has been ‘worked on at 1400 today’ but ultimately not terribly helpful concluding that the payment ‘might’ be made tomorrow and could see what the amount was (so no truth in the ‘manual confirmation’ story either). This does not inspire confidence that the business knows what it is doing.

Nothing the next day and on calling it was back to the ‘waiting for manual confirmation story’ and it was not possible to say when funds would be in my account. I was told to submit my complaint in writing under the code of a previous complaint (the last time they messed up and had to pay compensation) and that complaint would be re-opened with the new information. I did. The following day I was told I could not speak to Customer Service again as the complaint had been closed. After some coaxing I was told someone from Customer Service would call back within 72 hours. Still waiting: no call, no money. The FCA has already ‘engaged with’ Reassure after complaints from financial advisers about ‘appalling service’. Surely there must be a move to suspend or curtail this company’s licence to operate.

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