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Intrinsic blames increased losses on FSCS payments

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Intrinsic blames increased losses on FSCS payments

Old Mutual Wealth said its network Intrinsic continues to be loss-making partly as a result of contributions to the Financial Services Compensation Scheme (FSCS).

In its financial statement of results for the six months to the end of June 2017, Old Mutual Wealth said the network made a loss of £13 million in the first half of the year.

This was up 44% from £9 million for the same period in 2016.

The statement cites contributions to the FSCS as a major contributing factor.

‘Intrinsic is currently loss-making with its loss increasing from £9 million for H1 2016 to £13 million for H1 2017.

‘Half of this increase in the loss is due to increased contributions to the Financial Services Compensation Scheme and half is due to costs associated with the growth of the business,’ it states.

At 30 June 2017 the number of restricted financial planners in Intrinsic was up 11% from the previous six months to 1,582.

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