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Intrinsic fee error draws adviser frustration

A fee error at the Intrinsic network has left some firms without the correct payments to its advisers, Money Marketing has learned.

Money Marketing understands that while the network passed back all fees earned to advice firms, a processing issue last month meant that the correct amount was not allocated to each adviser.

An email dated 15 May from the network apologises for “continuing issues,” while reassuring advisers that its most recent payment run had been completed and money had been transferred “as usual”.

In the email, the network says a “host provider” was behind the issue.

An adviser tells Money Marketing: “If you are a one man firm you wouldn’t have had a problem, because it’s all your money, but even if you only had two partners who split the firm 50:50 you still wouldn’t have known whose money is whose.”

A Quilter spokeswoman confirms that an issue with a third party provider impacted the ability to run payment reports, but not the payments themselves.

A system upgrade meant that it was running slowly, which impacted adviser firms’ ability to run payments reports. Adviser firms were paid, but they couldn’t then run reports to identify how much should be paid to each adviser.

To address the issue, Quilter temporarily turned off access to the reports system.

Operations director at Intrinsic Jenny Llewellyn says: “The issue was triggered by a system upgrade. We worked hard to address the situation as swiftly as possible and apologise for any inconvenience caused.”


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Guarantees in the retirement income market

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