The Money Portal is planning to bail out its advisers that use Lifetime by paying their commission which is stuck in Norwich Union’s admin backlog.
TMP group head of distribution Alan Easter recognises NU is having problems in moving its set-up from Cambridge to York and does not want advisers to suffer.
Easter says many of TMP’s 1,300 advisers use Lifetime, given its strong link with Millfield which was a partial owner of the platform until 2005 when it sold its minority stake to NU.
He says: “Our advisers are not only nearing the end of their first-phase adviser incentive schemes but also reaching the end of their tax year. Why should they be penalised because of problems that NU is having?”
TMP will not disclose the amounts it is paying out but with immediate effect will pay any adviser which is owed commission by Lifetime.
Easter says: “There is a difference between cases genu-inely stuck in the admin backlog and someone trying to force commission through so it would count towards their incentive scheme.”
Lifetime head of sales Mark Crow says: “Most of the backlog are reregistration and transfer cases so are waiting on third parties before we can pay commission. This is something that is being initiated by The Money Portal, not NU.”