As reported by Mortgage Strategy Online last week, the blogger, who goes under the pseudonym of Rufus Henry, set up paymentshield.blogspot.com after the general insurance provider cut off commission payments to unregulated brokers.
He claims to have started civil proceedings against the firm and is calling on other claimants to use his weblog to share evidence.
At the time of writing there are 19 mainly anonymous posts from present and former Paymentshield members in response to Henry’s initial post, made on February 18. One respondent recalls roadshows at which Paymentshield allegedly marketed itself as a great way for brokers to build up a pension plan.
But one anonymous contributor criticises Henry and other brokers who expect to get trail commission on retirement.
The anonymous broker writes: “Why you think you merit getting paid for not doing anything is a sad reflection on the calibre of advice all too prevalent in the GI field.”
Other posts advise Henry against pursuing civil action as the small print of the written contract probably covers Paymentshield’s back. Henry says his case is being brought on the grounds of breach of verbal contract.
Chris Traynor, sales and marketing director at Paymentshield, says: “I am not aware of any civil action being brought against us. But even if there is, we are committed to the stance we’ve taken.”
Last week it emerged Payment-shield is about to lose its lender relations manager Jane Ayliff after just 18 months with the firm. She will leave at the beginning of April.