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Paymentshield said I would have to write to my clients

From SM Foster

I write regarding recent articles in Mortgage Strategy concerning Paymentshield and its non-payment of renewal commissions.

I am in a similar position to that of Sue Lambert-Hope, having had my renewal commissions stopped. But the reason given by Paymentshield was that I was no longer registered with the FSA.

After pointing out to the company that I was indeed still registered with the FSA as an appointed representative as opposed to be directly authorised as I had been previously, Paymentshield came up with the cock and bull story that I would have to write to all my clients and get written authority from them to change my agency details.

I pointed out that if I was to do this exercise, I would rewrite the business elsewhere.

I have not had a reply from Paymentshield for over two weeks and the ironic thing is I am still introducing business to the company through my new principal.

SM Foster
The Mortgage Shoppe
Hull
East Yorkshire

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