Intrinsic Financial Planning has been told to compensate two clients who were advised to transfer their pensions into plans that made them worse off. The Financial Ombudsman Service handled two complaints from Mr H and Mrs H who said they were not aware of the charges that were applied to their pensions on transfer. […]
A ban would worsen customer outcomes in most cases The report earlier this year from the work and pensions select committee on British Steel Pension Schemes is not ambiguous when it comes to contingent charging. It wants a ban. The report offered several examples of poor behaviour, which have no place in our modern profession and only serve […]
Intrinsic must compensate a client for the pension transfer advice it gave them. According to a Financial Ombudsman Service decision, in 2015 Mrs C was told to transfer her two existing personal pensions valued around £80,000 to a new Sipp provider. This money was placed in a scheme where Mrs C could adopt a dynamic […]
Intrinsic founder and former chief executive Richard Freeman will retire from the business in June 2018. Freeman signaled in 2015 that he would leave the advice network at some point in early 2017. Intrinsic former managing director Andy Thompson replaced him as chief executive in December 2015, with Freeman remaining at the firm as an executive […]
The Financial Ombudsman Service has ruled against Intrinsic Financial Planning over a client who switched his personal pension to a self-invested personal pension in order to invest in Harlequin. Mr A complains that he received unsuitable advice from an appointed representative of Intrinsic to switch his personal pension to a Sipp. When the transfer was […]
The Financial Ombudsman Service has instructed Old Mutual Wealth-owned network Intrinsic to compensate a client who lost money when their pension transfer was delayed. In the case Mr T complains the delayed transfer of his Occupational Pension Scheme resulted in him receiving a lower transfer value than originally quoted. In September 2016 Mr T found […]
Intrinsic head of regulatory and conduct risk Sheriden Davy is leaving the firm after just eight months in the role. Davy joined the Old Mutual Wealth-owned network in May, moving from True Potential where he had worked for two years as head of risk and compliance. Intrinsic says Davy is now joining national financial planner […]
True Potential Investments head of risk and compliance Sheriden Davy has left the firm after two years in the role. Before joining True Potential in May 2014, Davy was BlackRock‘s compliance and monitoring vice president. He also held senior roles with the Department for Work and Pensions and employee benefits administrator MyCSP. According to the […]
Intrinsic Financial Services has reported a total comprehensive loss of £10.4m for the 12 months ended 31 December 2016, as it predicts losses to continue. The loss at the Old Mutual Wealth-owned business is less than the £11.5m reported in 2015. Operating losses decreased from £12.9m to £8.9m. The results statement says: “The decrease in […]
Company says net flows into the wider Old Mutual Wealth business contribute to the company’s overall profits
Intrinsic has compensated a client after one of its appointed representatives recommended a pension switch based solely on a fact find and risk questionnaire carried out by another employee and without speaking to the client first. A letter from Intrinsic about the complaint, seen by Money Marketing, outlines the compensation that will be paid, which […]
Intrinsic offered to pay more than £1200 to the client as an apology
Intrinsic stake will offer advice firm “stability and security”
Intrinsic network now comprises advisers from Caerus, Positive Solutions and Sesame Bankhall Group
Old Mutual Wealth has reported record net flows for the first quarter of the year of £2.7bn as the firm boosts its executive team with senior hires The growth in inflows was mainly driven by “integrated flows” of £800m for the first three months of the year, compared with £500m this time last year. The […]
Old Mutual Wealth-owned network Intrinsic says it has no “programme” to de-authorise members amid speculation it is seeking to axe those it considers risky. Money Marketing understands from a source close to the firm that the network is looking to cut underperforming advisers that are deemed a risk to the business. Intrinsic has 3,300 advisers […]
Sesame Bankhall Group managing director Stephen Gazard is to join Intrinsic in the newly created role of group managing director later this year. Gazard’s departure from Sesame was announced yesterday, amid an executive reshuffle. At Intrinsic, Gazard will work with chief executive Andy Thompson on the distribution strategy as well as leading the mortgage division. […]
Caerus chief executive and chairman Keith Carby will leave the business after a “transition period” following Intrinsic‘s takeover of the business. Earlier today Old Mutual Wealth-owned Intrinsic announced it will acquire the Caerus network in a deal that is expected to complete in the second quarter of this year. The deal is awaiting agreement from Caerus […]