LV - is there a problem?

TaniaA

For many weeks I have been trying to contact LV regarding an RNPFN Investment bond. Every time I have rung I have been kept on hold and not managed to get to the end of the queue. They advise emailing but I have not had a response to that either - I note that the response time has increased from 10days to 4 weeks. They have reduced the phone line operating hours and over the past couple of days they have been completely closed for staff training. Am I just unlucky or is there a problem with this company?

dunstonh

The problem is servicing.    I had to deal with a pension transfer from RNPFN earlier in the year and it seemed like there were only three people answering the phone.   

cloud_dog

They were taken over by a US private equity company a couple of years ago, don't know if this may have had an impact on their service capacity?

MDMD

cloud_dog said:

They were taken over by a US private equity company a couple of years ago, don't know if this may have had an impact on their service capacity?

Not correct.

The Pensions and Life side is still a mutual, there was a proposed sale but It was aborted,  https://www.lv.com/members

The insurance business was taken over by Allianz a couple of years ago.

wmb194

LV's been struggling with profitability for years - this is why it's been selling bits and looking for a buyer/merger. It made a net loss of £115m in 2021 and £85m in 2020 so it wouldn't surprise me if it's been trying to cut costs here and there and they've ended up affecting service levels. 

https://www.lv.com/-/life/media/pdfs-lvfs/group/annual-reports/2021/2021-annual-report.pdf?la=en

Albermarle

The insurance business was taken over by Allianz a couple of years ago.

This part ( LV=) is very efficient in my limited experience, for car, home insurance etc 

Always seemed a bit odd that both sides kept the same name .

Brie

As I recall RNPFN is only a small portion of the LV business and as such I doubt there is more than a very small handful of colleagues there that would know what to do with any of it.  I suspect that is part of the problem.  Not helped by the fact when LV took on RNPFN none of their previous staff joined LV on the south coast so any good historical knowledge is well and truly lost.