Parasol SIPP Contribution Shambles
Is anyone else experiencing the below issue with Parasol and AJ Bell SIPP contributions this month?
I joined Parasol on a new contract at the beginning of the year. After the end of month payroll is completed they send you an email a week or two later advising the amount that will be paid into your SIPP so you can inform your SIPP provider. My March contribution was supposed to be paid on 14 April into my AJ Bell SIPP.
On the 14th April and AJ Bell had not received anything - after much investigation and chasing AJ Bell got back to me on the 16th and advised that they had received a different amount from Parasol (a quarter of what it was supposed to be) on the 15th April.
I have been trying to query this with Parasol - they take ages to respond to queries but after about a week they finally replied to me to say they had made an error with the allocation file and a new file was sent to AJ Bell - and they would inform me when it had all been corrected. Days later and still no correction. I have since been trying to speak to a manager at Parasol - was told someone would call back in 24 hours last week - but no one has - e-mails are all being ignored and meanwhile my pension contribution has still gone missing. AJ Bell called me to explain that all the Parasol contributions have gone in the incorrect accounts, and they also can't get hold of anyone at Parasol - they have been trying to get the updated allocation file from Parasol but no one is calling them back either. Meanwhile for those who have the incorrect amounts in their accounts (some will have more than they should) - if they have invested this in funds/shares etc it will cause a huge mess as their investments will have to be unwound as well. The longer Parasol leave it the worse it will be.
Would Parasol then be liable for any loss they incur as a result of this, I wonder? Is this something to complain to the FCSA about - as numerous requests to speak to a manager at Parasol are just being ignored?
Their customer service is awful - the pensions team aren't responding - and their standard response time of 7 days is far too long in a situation like this where funds are sitting in the wrong accounts. I don't understand why they couldn't just correct it the very next day.
My end client has just asked me to renew for another 6 months - i may have to make it a condition that will only renew if I move to another umbrella for the the new contract.
I joined Parasol on a new contract at the beginning of the year. After the end of month payroll is completed they send you an email a week or two later advising the amount that will be paid into your SIPP so you can inform your SIPP provider. My March contribution was supposed to be paid on 14 April into my AJ Bell SIPP.
On the 14th April and AJ Bell had not received anything - after much investigation and chasing AJ Bell got back to me on the 16th and advised that they had received a different amount from Parasol (a quarter of what it was supposed to be) on the 15th April.
I have been trying to query this with Parasol - they take ages to respond to queries but after about a week they finally replied to me to say they had made an error with the allocation file and a new file was sent to AJ Bell - and they would inform me when it had all been corrected. Days later and still no correction. I have since been trying to speak to a manager at Parasol - was told someone would call back in 24 hours last week - but no one has - e-mails are all being ignored and meanwhile my pension contribution has still gone missing. AJ Bell called me to explain that all the Parasol contributions have gone in the incorrect accounts, and they also can't get hold of anyone at Parasol - they have been trying to get the updated allocation file from Parasol but no one is calling them back either. Meanwhile for those who have the incorrect amounts in their accounts (some will have more than they should) - if they have invested this in funds/shares etc it will cause a huge mess as their investments will have to be unwound as well. The longer Parasol leave it the worse it will be.
Would Parasol then be liable for any loss they incur as a result of this, I wonder? Is this something to complain to the FCSA about - as numerous requests to speak to a manager at Parasol are just being ignored?
Their customer service is awful - the pensions team aren't responding - and their standard response time of 7 days is far too long in a situation like this where funds are sitting in the wrong accounts. I don't understand why they couldn't just correct it the very next day.
My end client has just asked me to renew for another 6 months - i may have to make it a condition that will only renew if I move to another umbrella for the the new contract.
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