Pep problem

Invesco has been slow to transfer investments

A number of Working Lunch viewers have been in touch complaining about the investment management company, Invesco Perpetual.

Customers trying to transfer their money out have been waiting for months.

The delays have lead to chaos, frustration and, some claim, financial loss.

Delay

Ken Hunter owned a single company Pep managed by Invesco Perpetual.

This was a tax-free investment plan invested in one share, in this case, Rolls-Royce.

Ken: Investment plan lost 50%

Invesco said it was pulling out of the business and customers could transfer out.

Ken started the process in May but it's only just finished - five months later.

And during this time the share price of Rolls-Royce dropped substantially.

"Invesco have effectively, at the moment, lost me about 50% of the value of the plan and accept no responsibility for their inaction in managing this whole process," says Ken.

Underestimated

Invesco has owned up to the problems.

In a statement to Working Lunch it says:

"We underestimated the number of people who chose to re-register the shares... or transfer to another plan manager.

"We very much regret the amount of time it is taking to complete these transfers and the inconvenience this has caused our customers."

We apologise unreservedly

Invesco Perpetual

It also apologises "unreservedly", but the company won't pay compensation.

Between them, Ken and his wife Ann, who had a similar investment plan, believe that because of the time lapse they've lost about £2,700.

"The reasons they give for delays are totally unacceptable and are their responsibility," says Ken.

"Everything as far as I can see is their responsibility and points to a total lack of planning and resources to carry out a plan."

Ombudsman

Ken and Ann are taking their complaint to the financial ombudsman service.

In the meantime, to speed things up for other customers, Invesco says it has streamlined its processes and increased resources by 50%.

It also claims the remainder of transfer and re-registration applications should be completed by the end of the year.