NPI team aiming to claw back overpaid commission
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NPI has employed a dedicated team of administrators to claw back overpaid commission on group personal pensions.
The firm closed to new business in 2003 but a spokeswoman says: “We have identified a couple of incidents where commission has been overpaid to IFAs. In accordance with our standard IFA terms of business, we are seeking to recover overpaid commission.”
The spokeswoman would not disclose the total amount of commission that NPI is trying to claw back or how many people it has recruited to deal with the issue.
She says: “In line with our standard practice on investigating any issue with IFAs or customers, we have allocated dedicated resources to investigate and resolve this issue as quickly as possible.”
Clairville York managing director and co-founder Leslie Sharpe says his firm received a demand for £753 in overpaid commission for a group personal pension.
The company inherited the client in 2002 and moved the GPP to another pension provider in 2004. It was late 2008 before NPI discovered it.
Sharpe says: “It has taken them until 2009 to put us in the picture. It is not a large amount, it is the principle. Given that it is £753, we are going to pay it because we have already wasted a lot of time in trying to chase it. It has taken Clairville York’s administration team nearly a year to get to the bottom of it. NPI’s response has been diabolical.”
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