Legal & General Partnership Services (LGPS) is a leading provider of financial services in the UK The company offers a range of products, including pension plans, investment plans, annuities and life insurance As with any financial product, there may be occasions when customers are dissatisfied with the service they receive from LGPS In such instances, the company has a robust compensation scheme in place to ensure customers are adequately compensated for any losses they may have incurred.
This article will explore how LGPS’s compensation scheme works and provide an overview of the steps that can be taken to make a complaint.
LGPS’s compensation scheme can be broken down into two main categories: the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).
The FOS is an independent body that is responsible for resolving complaints between financial businesses and customers If a customer has a complaint against LGPS, they should first try and resolve it directly with the company If this is unsuccessful, they can then escalate the complaint to the FOS.
The FOS will investigate the complaint and make a decision on whether LGPS has acted fairly or not If the FOS decides that LGPS has acted unfairly, they may require the company to pay compensation to the customer to make up for any losses they have incurred The FOS can award compensation of up to £355,000.
The FSCS, on the other hand, is a compensation scheme that provides protection to customers if a financial business goes bust or is unable to meet its obligations to customers The scheme covers various products, including investments, pensions, and life insurance.
If LGPS were to go bankrupt, for example, the FSCS would step in to provide compensation to customers who have lost money The amount of compensation paid out by the FSCS is limited to £85,000 per person per firm.
It’s worth noting that not all customers will be eligible to make a claim with the FSCS Eligibility criteria can vary depending on the product and circumstances surrounding the firm’s insolvency.
Despite having these two compensation schemes in place, LGPS has assured customers that they do their best to ensure their products and services meet their needs In the unlikely event, a customer is unhappy, they can make a complaint to the company directly.
LGPS has a customer complaints team who will review the complaint and do their best to resolve the issue Legal & General Partnership Services compensation. If the complaint cannot be resolved, it can be escalated to the FOS for review.
Making a complaint to LGPS is easy Customers can call or write to the company outlining their complaint LGPS has a 10-day target to acknowledge receipt of a complaint, and they will aim to resolve the issue within 28 days If the complaint is complicated, it may take longer to resolve, but customers will be kept informed of the progress along the way.
When making a complaint, customers should include as much detail as possible This will include the product name, policy number, dates, and a clear explanation of the issue Customers should also indicate what they would like the outcome to be, such as a refund, compensation or a change to the policy terms.
If the complaint is resolved satisfactorily, LGPS will provide a written response outlining what action has been taken If the customer is not happy with the outcome, they can escalate it to the FOS to arbitrate.
In conclusion, LGPS has an excellent reputation for providing quality financial products and services to its customers In the unlikely event, a customer is dissatisfied with the service they receive, LGPS has a transparent and robust compensation scheme in place to ensure that customers are adequately compensated.
Customers can make a complaint directly to the company, and if this is unsuccessful, they can escalate it to the FOS for review The FSCS provides protection to customers if LGPS were to go bankrupt, but there can be restrictions on who is eligible to make a claim.
Overall, LGPS’s compensation scheme gives customers peace of mind that they are protected if something goes wrong However, it’s important to remember that making a complaint is always the last resort; customers should always try to resolve any issues with the company directly first.