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PosSol advisers face commission payment delays

Positive Solutions advisers have been left unable to access commission payments following teething problems with the firm’s migration to new IT systems.

PosSol announced in June last year that it would transition away from True Potential having struck a deal with Avelo, now owned by Iress.

The network is in the process of transitioning to the Iress OfficeWeb system for processing commission payments.

At the time of writing, PosSol advisers were unable to access commissions due to be processed.

The systems change also means advisers will now receive payments once the balance of commissions reaches a £10 threshold.

Under its previous IT set-up with TP, payments were processed daily.

PosSol says it is working to resolve the problem.

A spokesman adds: “We completed the transfer of data from True Potential earlier this week. We are matching all of that policy data to our commission payments. We have matched as of today about 90 per cent of those commission payments.”

True Potential senior partner Daniel Harrison says: “As part of our transition process with PosSol, it was requested that they take control of the processing of commissions a week earlier than our contracted switch off date of 31 July 2014. All information and data required to enact this transfer was provided as per specification and on schedule and both teams have worked together excellently to ensure any impact is minimised.”

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