Paymentshield sorted me out but others are still waiting

From Eddie Royce

I think it is appropriate to respond to recent letters and thank Paul Thompson for his considerate comments while explaining to Harry Katz (Mortgage Strategy November 13) that I am an IFA. But I would also like to clarify my earlier comments regarding Paymentshield.

I ’fell in love’ with Paymentshield some years ago, so to speak. As an adviser I thought I had come across a company that was modern thinking and wanted to look after its clients – i.e. intermediaries.

Dealing with the company was a pleasure. Online it was highly efficient, it provided market-leading products and had a management team that had not lost the personal touch.

I have remained loyal to the company to this day, nearly eight years later, even when my original agency had to close to new business following regulation.

My agency went on, but then one day I was discarded like an old dress not fit to be worn any more by a partner who is going up in the world.

No renewal commission, No letter of explanation – my agency was just dumped. That made me angry.

This must have happened to many hundreds of advisers who may or may not have felt the same way as I did about the way things were done.

Since my letter to Mortgage Strategy, Paymentshield has found me on the FSA register and agreed to reinstate my last month’s renewals and continue with payments. So for myself I am pleased and my affair with Paymentshield is back on.

But I do feel for those agents who are no longer on the register, those who have retired after serving the industry for many years and those who are no longer CF21 advisers such as my previous colleagues at Openwork, now mortgage-only appointed representatives not on the FSA register in their own right. Their old renewals won’t continue. Is that fair?

Just as we do with our clients, it is important that we have relationships of trust with our business partners. For all its merits, Paymentshield has destroyed much of the trust it had built up over the years.

I sincerely hope that all advisers still having problems regarding renewal commissions from Paymentshield manage to sort their own situations out.

Eddie Royce
Positive Solutions (Financial Services)