PosSol advisers facing commission delays
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Positive Solutions advisers are having to wait weeks for commission payments as the network tackles a backlog in checking pension and investment business.
The firm says the three-week backlog is down to an increase in this business, particularly Isas, in the first quarter of the year as well as a new goverance process earlier in the year, which tightens up the way business is checked.
Under the new system advisers are ranked as either low, medium or high risk and their business is checked accordingly.
The delay to commission payments is specifically related to pension and investment business. The firm says there are no delays in payments for mortgage, protection and general insurance business.
A spokeswoman says the backlog should be cleared in the “next few weeks”.
She says: “The backlog is primarily due to an increase in investment business that Positive Solutions has seen in the first quarter of the year, particularly a very good Isa season. That means there is backlog in the checking of cases and consequently paying commission but that is specifically on the investment side of the business.
“On the mortgage, protection and general insurance side there is no backlog or delays at all. Although it is not the best situation obviously the Isa season has a spike effect and has caused the current situation. Positive Solutions is working to clear the backlog. We are looking at a three week backlog so hopefully that will be cleared in the next few weeks.”
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Readers' comments (2)
Anonymous | 19 May 2010 5:50 pm
Your case checking ISA's - that's incredibly thorough.
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Anonymous | 19 May 2010 5:54 pm
as a adviser with PS, I must say, that the checking is very good as it make sure that the i's are dotted and the t's are crossed. Alright, there may be a backlog, but business is on the way up and all companies are trying to keep a lid on costs. Overall, PS is very good.
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