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PosSol offers advisers cash advance to cover commission delays

Positive Solutions is offering advance cash payments to advisers after continued delays in processing commission payments.

Last month Money Marketing reported delays processing commission payments after the firm moved to new OfficeWeb software from Iress. PosSol had previously used technology from True Potential.

The continued delays mean some advisers have been left £500 or more worse off.

PosSol has now written to advisers offering to make advance payments of up to three times the shortfall to cover the delays.

In the letter, sent last week, PosSol says: “We are aware of a number of cases where partners are £500 or more worse off. Clearly this is not acceptable and so we will be writing to all affected partners to inform them of the shortfall we believe they have experienced in the first half of August. We will also explain our process around forwarding an advance payment that represents three times the value of that shortfall.”

The firm’s letter indicates it is struggling to process payments from Cofunds, Aviva, Sterling (Zurich), LV= and Friends Life

PosSol was acquired by Intrinsic last year. 

In a statement an Intrinsic spokesman says: “The transition of Positive Solutions away from True Potential to the Officeweb system has been a major undertaking, and as with any project of this scale we have encountered a number of issues.

“We apologise for any inconvenience caused to our advisers and continue to communicate regularly with them. Resolving the outstanding issues for our advisers and continuing to deliver for our customers is our number one priority. We have taken on extra resource and are making significant progress. We have also made payments where required to ensure no Positive Solutions partner experiences any shortfall in income during this transition.”

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Comments

There are 18 comments at the moment, we would love to hear your opinion too.

  1. The spiralling problems of PosSol continue…

  2. At least with Financial Ltd, the money comes directly to my company bank account and not a third party who can hold it up!!

  3. – Gordon, I thought True Potential paid the money same/next day as received and recipients got paid daily?

  4. They may do – took a couple of days when I was there but with Financial Ltd, it comes direct from the provider to me!!

  5. I thought Commission had been abolished since 1 January 2013?

  6. Commission?? I thought RDR put paid to that.

  7. Is that the Gordon that travels a bit…?

  8. Well it could be if you think its the one that spends time in Portugal
    – and yes all income is now remuneration!!

  9. Hey Hector who said anything about commission?

    Gordon, yes that would be the very same Chap…

  10. Err Victor, try reading the headline?

    Something about delays in commission payments from PS

  11. See I cannot escape my reputation precedes me, but having difficulty placing your good self

  12. Commission is still very much alive, well and thriving in the protection market as well as non-advised top ups to reg premium savings. Iike everyone else, advisers should be paid what they are due. Good on pos Sol for doing this. Pity it has come to this though. Still this is technology at its best

  13. Not commission anymore not pos sol anymore, is anything right in this article ?

  14. That’s a good point Paul – do Positive Solutions actually exist anymore?

    I thought everyone had left

  15. All pos sol advisers are now working for Intrinsic, now owned by Old Mutual.
    Pos sol does not exist at all.

  16. Well that was a thoroughly thought through article about something that doesnt exist any more being stopped by a company that doesnt exist any more! 🙂

  17. Michael Glenister 3rd September 2014 at 10:49 am

    Debate and discussion around the news content on the site is always welcome so thanks for the comments.

    We’ve noticed a couple of questions have come up around Positive Solutions and commission.

    Positive solutions was acquired by Intrinsic, with both businesses then subsequently acquired by Old Mutual, however each continues to exist as brands and Fca-authorised businesses in its own right. The businesses are becoming more closely integrated, part of which involves alignment of technology (the trigger to the issue outlined in the story above). However they remain legally separate, albeit as part of the same group and with a common shareholder.

    Additionally, some have questioned why the story refers to commission payments. Although provider payments on new business are no longer permitted for many products, it is still applicable for some products and on some business which may not moved to an adviser charging basis. The story above relates to what Positive Solutions refer to as ‘adviser payments’ which includes commission as well as other fees.

  18. A simple sorry, would have done Michael, but I understand that journalists love to use 100 words when one would have sufficed.

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