View more on these topics

Intrinsic posts £1.3m loss as complaint costs bite


Network Intrinsic has posted a £1.3m loss for 2014 mainly due to the cost of dealing with complaints.

The loss compares to the £672,000 profit the company made in 2013.

Intrinsic says the biggest factor contributing to the loss was potential exposure to Ucis funds “invested through Sipps in the Brandeaux fund and the Sustainable Growth Group”.

£1.7m has been set aside to deal with complaints linked to the investments.

The firm warns that while complaints and redress are at “steady state levels”, regulatory changes could see these increase.

It also says an IT migration project – which will see advisers moved on to new software – carries risk that could “impact on both advice profitability and adviser retention”.

In addition, the Old Mutual Wealth-owned network added 231 new advisers over 2014, taking the total to 930.

Turnover increased by 34 per cent, from £46m to £62m, but overall margin was “marginally reduced” on 2013 due to the acquisition of firms with lower margin business.



Bank of Ireland begins distributing through Intrinsic

Bank of Ireland has expanded its panel and now distributes it mortgages through Intrinsic Financial Services. The lender re-entered the broker market under its own brand in December, first distributing through LSL estate agency subsidiaries Reeds Rains, Your Move and Embrace Mortgage Services, before opening up to First Complete ARs last month. In April it began […]


Intrinsic culls four providers from protection panel

Old Mutual-owned advice network Intrinsic has culled four providers from its protection panel following an independent third party review. The providers who have been removed are Zurich, LV=, Cirencester Friendly and Shepherds Friendly, while Legal & General has been added to the panel. Aegon, Bright Grey, Exeter Family Friendly, Friends Life, Old Mutual Wealth and […]

Old Mutual Wealth 2014

Intrinsic in advanced talks with Sesame over taking on IFA ARs

Intrinsic is in advanced talks with Sesame over a deal that would see appointed representative advisers who choose not to join Bankhall referred to the Old Mutual-owned network, Mortgage Strategy’s sister title Money Marketing understands. Earlier today, Sesame announced it will no longer operate as a network for investment advisers as part of a fundamental […]

Intrinsic loans ‘could breach FCA inducements rules’

Advice firms accepting loans from Intrinsic under its practice buyout scheme should be wary of breaching the FCA’s inducement rules, say compliance experts. It is understood the FCA has contacted insurers and advice firms in recent weeks setting out concerns about provider loan deals. Last month, Intrinsic announced it would make loans available to appointed representatives […]

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now