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Brokers should fear unpaid proc fees as networks close

The straw poll in your September 1 issue shows that 26% of brokers don’t fear their networks closing and walking off with proc fees they are owed. But a note of caution to those 26%. I was a member of Classic Network Solutions, which was taken over by GHL Network. I left in December 2007 and was paid until the end of January 2008.

After trying for around six months to get the £4,000 of proc fees owed to me by the network, GHL promptly put Classic into liquidation – owing me and several other brokers £104,101 in total. No doubt GHL is still receiving my and fellow former members’ general insurance payments. Readers, you have been warned.

Jonathan Hammond

Hammond Mortgage Services
By email


Death throes of a dying government

With the rift between Prime Minister Gordon Brown and chancellor Alistair Darling reaching untenable proportions, we should all be concerned about how much more damage the death throes of this ailing government will inflict on the mortgage market.

Conflicting confidence data

Differences have emerged between Financial Services Authority data and independent research into consumer confidence following the Northern Rock fiasco. YouGov recently carried out a poll of NR savers as part of the only consultation with customers since the run on the bank. It asked them how confident they are that financial firms have adequately qualified […]

Leaks due soon on Crosby Report recommendations

On the Andrew Marr show this morning Ed Balls said he understood the Crosby Report was on The Chancellor’s desk. On that basis we ought to start getting leaks soon from the Government on any proposals they want to float as being worth introducing, assuming of course there are some, bearing in mind the interim […]

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


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