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Prestbury’s reputation under fire

A former Prestbury sales director has accused its senior management of undermining the network’s reputation as the company looks to close a transfer agreement with Personal Touch Financial Services.

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.


Edeus offers Portuguese prize

Brokers who submit savings account business via edeus will be entered into a free prize draw for a four-night golfing holiday in Portugal. Alan Cleary, managing director of edeus, says: “Following the successful launch of our savings scheme, it’s only right to thank brokers for their support.”

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EC predicts UK recession

The European Commission has predicted the UK will be in recession by January 2009.


Pension over-taxing

800,000 people are at risk of being over-taxed on their pensions, writes Steve Webb, director of policy at Royal London Hundreds of thousands of people receiving company and personal pensions should check their tax code to make sure that they are not being over-taxed, according to a leading pensions firm. Mutual insurer Royal London has […]


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