Angry clients ask FOS to 'shut down' Intrinsic after £3 fee error

For ‘distress’ caused

Hannah Godfrey
clock • 2 min read

Intrinsic Financial Planning has been ordered to pay compensation to two customers after it took a total of £3.05 in fees from their pensions without their permission.

The Financial Ombudsman Service (FOS) ordered the firm to pay £100 for the "distress and inconvenience" caused to Mr and Mrs M after the error was made. Mr M's pension was financially disadvantaged by 73p, and Mrs M's by £2.32 because of the fees taken by Instrinsic.  Following the couple's initial complaint to Intrinsic, the firm acknowledged it had made a mistake and agreed the fees should not have been taken. It offered to pay them £100 by way of apology and said it would liaise with the couple's pension provider to ensure the value of their pensions hadn't been negatively affected...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Identification remains weakest link in vulnerability assessments

Identification remains weakest link in vulnerability assessments

'Relying on the adviser to spot the signs personally is unquestionably impractical'

Jonathan Barrett
clock 26 November 2024 • 4 min read
Advisers revisit processes after FCA's retirement income review

Advisers revisit processes after FCA's retirement income review

Thematic Review of Retirement Income Advice released in March

Jenna Brown
clock 16 September 2024 • 2 min read
Two firms declared in default by FSCS over pensions advice

Two firms declared in default by FSCS over pensions advice

Both Oakwood Financial Management and GO IFA are no longer trading

Isabel Baxter
clock 11 April 2024 • 1 min read