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...

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