Fidelity admin error pays 'millions' to advisers by mistake

One adviser told Professional Adviser Fidelity had overpaid their firm £4,000, causing them unnecessary "administrative hassle" and problems reporting their half-year results, which, they pointed out, are important to get right for regulatory reporting. They added: "I understand Fidelity has experienced a major systems fault when calculating and paying adviser charges to IFAs this month. "They have duplicated payments for thousands of accounts. This money doesn't appear to have been deducted twice from client accounts, but we hear Fidelity themselves are out-of-pocket to the tune of m...