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Battle of the annuity providers’ forms 2

United Kingdom
22/12/2005
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Reference: N01352

The member sought to transfer his personal pension fund from Prudential to Halifax. Both Prudential and Halifax insisted on their own standard warranty form being used. The delay between the two providers meant that when Halifax received the transfer value it had fallen by £11,000.

The Ombudsman concluded that Prudential could not reasonably insist on only its own form being used as the documentation supplied by Halifax provided it with the warranty it sought. He also held that "there is no contractual liability on the policyholder arising from the wording of the policy to use Pru's own warranty forms. It is a nonsense that a customer of each company should suffer because neither would accept the validity of a form issued by the other, despite both forms containing the information which the other needed."

 Halifax and Prudential were each ordered to pay half of the member’s loss and to give him £75 for distress and inconvenience.

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