Prestbury is on the brink of signing a deal that would see the transfer of 80 appointed representatives to PTFS.
Dale Knight, director of Think Strategically and former sales director at Prestbury, says: “I am saddened at recent developments because I and many others have put in a great deal of hard work to make Prestbury one of the biggest network names.
“In my opinion, that work has been undermined by the senior management team running the company.”
A number of Prestbury ARs have contacted Mortgage Strategy alleging they have been chasing commission payments from the network for months.
One AR says: “If PTFS takes on the Prestbury ARs and honours their pipeline business, I can’t see what is in it for the firm.”
Dev Malle, group sales director at PTFS, would not be drawn on whether the firm plans to honour the pipeline business.
But he says: “Both Prestbury and our Financial Services Authority supervisors have been informed about how we intend to structure the transfer as continuity of service to clients is a priority.
“We always have and will continue to consult with the regulator on business decisions that effect customers to ensure our Treating Customers Fairly responsibilities are being met.”
Prestbury chief executive Lee Birkett was unavailable for comment as Mortgage Strategy went to press.