View more on these topics

No problems with electronic commission, says Solutions

IFA group Positive Solutions has criticised rival Bankhall over its claims that it cannot reconcile its advisers&#39 commission because of inaccurate electronic statements from product providers.

Positive Solutions is also part of Adviser Forum, the group which is carrying out research into what it considers to be a serious problem with electronic commission statements from providers.

But Positive Solutions chief executive David Harrison says his firm does not experience the difficulties described by Bankhall IT director Nigel Hopwood.

Harrison says 100 per cent of the EDI statements that PS receives match the cash receipts. He says the group&#39s own custom-built system handles up to 31,000 separate statements from 273 provider sources and pays them out to 750 IFA partners.

Harrison says he believes the problems lie with the IFAs, not the providers. He says: “Logically, if we can show that we do it, then the problem cannot lie with the providers. But unless an organisation plans ahead and is clear about its model and IT structures, there will be issues.

“Anyone with simply a &#39commission club&#39, &#39minimum service&#39 offer will have issues regarding master and sub agencies, not just with commissions but also with post and servicing communication. This is also true of networks. It begs the question what do these organisations do for their members – if they cannot get the money right, why get in the way at all?” Towry Law operations and IT director Tony Dunmore says: “We have not experienced any of these problems with provider statements not matching the amounts received. Occasionally, we will have a disagreement with providers over the amount we are expecting but this can be resolved.”


Bankhall in Microsoft deal to develop wrap

IFA support services provider Bankhall is developing the first stage of a wrap product using policy aggregation software from IT giant Microsoft. Bankhall says it intends to work in partnership with Microsoft to design a platform which will allow its advisers to view aggregated client policy information on one page. It plans to use Microsoft&#39s […]

GMAC-RFC launches 25 year mortgage

GMAC-RFC has launched a customised 25 year mortgage. Borrowers are able to choose between a fixed rate of 5.95 per cent, a variable rate that tracks the base rate plus 0.75 per cent, or combinations of the two. The fixed rate is available at up to 5 times income, and the tracker has no redemption […]

Soaring IHT bills bring opportunity for advisers

The amount of inheritance tax collected by the Inland Revenue over the last 10 years has doubled to over £2.3bn in 2001/02 from £1.2bn in 1992/93, presents an opportunity for IFAs, says Scottish Equitable. The company says the number of people likely to be hit by IHT is rising as property price have soared. ScotEq […]

Clerical errors

After reading that Clerical Medical has re-entered the group pension market (Money Marketing, January 29), I had hoped that an enquiry about a new member to one of our existing schemes with Clerical would be quickly dealt with. Not so. It would seem that it cannot print new members&#39 documents at present – a problem […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

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

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing'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

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm