Old Mutual Wealth has issued an apology after it failed to pay commission to an adviser for four years.
The adviser, who wished to remain anonymous, requested an overdue payment for an Isa opened this year but discovered Old Mutual Wealth held the wrong bank details on its systems.
A statement sent to the adviser also included monthly commission payments related to another client which should have started in 2012 but had not been paid.
Following a complaint by the adviser, Old Mutual Wealth has paid the outstanding £1,811 commission in full. It has offered compensation of £125 an hour for the adviser’s time taken in resolving the missing payments, in line with the firm’s regulatory guidance.
The compensation offer has been rejected as insufficient.
An Old Mutual Wealth spokesman says: “We apologise unreservedly for an administrative error that led to delays in fee payments to the firm. As soon as we were made aware of the error we arranged for the payments to be made in full and offered compensation to the adviser.
“We always aim to achieve the best possible standard of service for advisers and their clients and we regret that on this occasion we weren’t able to meet those high standards.”