The "flabbergasted" boss of a national IFA has revealed the business received an unexpected 200,000% increase in a fee payment from a provider following an accounting gaffe.
Friends Life paid 2plan Wealth Management £10m last month when it owed the firm about £5,000 in 'normal fee income'. When 2plan raised the accounting error with Friends Life, it appeared the provider was unaware, according to CEO Chris Smallwood (pictured). He said managing director Chris Davies attempted to contact the insurer's CEO directly to speed up proceedings but was unable to do so despite trying on a number of occasions. Smallwood said: "We were somewhat flabbergasted by their lack of urgency in correcting what was a significant accounting error. "Had that money fallen ...
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