View more on these topics

Paymentshield move may have been a takeover sweetener

From Allen Smoker

With regard to Natalie Martin’s recent article about Paymentshield commission (Mortgage Strategy November 6), Chris Traynor’s comments are flawed as I have a closed agency with Paymentshield but am still directly regulated with the FSA and still giving mortgage and protection advice with my new firm Merlin Mortgage Management under a new agency and dealing with remortgage advice on 95% of clients on my closed agency.

Many of my colleagues are in a similar position but we have all had our commissions stopped on our closed agencies.

The consensus of opinion is that Paymentshield did this to reduce its liabilities prior to the Towergate takeover to make the proposition more attractive.

Please could you pass my details to Sue Lambert-Hope as I would like to add my support to her legal challenge.

Could you also tell her that I still have the original documents Paymentshield issued us with while selling the company’s proposition which clearly states that renewal commissions built up would be payable for life as a pension-type fund.

Maybe principles of good faith and integrity do not apply to firms such as Paymentshield.

Allen Smoker
Merlin Mortgage Management
By email


Stroud & Swindon launches fixes

Stroud & Swindon has launched a range of two-year fixed rate products including a two-year fix at 5.09% which reverts to base rate plus 0.99%.

Out of commission come many virtues

The Financial Service Authority’s decision to consider commission in its retail distribution review is no great surprise. The FSA wants to consider whether the model harms the reputation of advisers. It wants to know why financial advisers are not held in the same public regard as solicitors and the like. Could this be because of commission?

Protection racket faces judgement

The protection industry faces referral to the Competition Commission. As things stand it deserves no better and more competition would be good for clients, says Simon Burgess

Pensions - thumbnail

Mothers missing out on millions

New HMRC figures show number of ‘mothers missing out on millions’ in pension rights has doubled in two years – Steve Webb Figures published on 24th March by HM Revenue & Customs show a doubling in the number of mothers missing out unnecessarily on vital pension rights because of a change in the rules on Child […]


News and expert analysis straight to your inbox

Sign up