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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

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