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Clawback faces Network Data reps

The Phoenix Group has confirmed that former Network Data appointed reps could be liable to pay clawback on policies that are cancelled even though Phoenix is now receiving the trail commission.

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  1. Not my problem BUT
    Has any Network Dat member asked the FSA what the TCF position on this was? If ongoings ervice was to be paid for by the renewal/trail commission and the client wants the original adviser to advise them. If Phoneix keep the trail, then to get what the client originally expected under TCF, eitehr teh adviser will have to work for free OR the client will have to pay twice?
    Isn’t it about time the FSA took a view on things like this? They seem to whenever it is an individual adviser involved, why not when it is a network whose capital adequacy it appears the FSA failed to monitor correctly despite warnings I believe from Cherry members……….
    It’s funnt really isn’t it when they say people in glass houses shoudl not throw stones…. am I stupid for throwing stones at the FSA? Well know I’m just fed up of having stones thrown by the FSA at my next door neigbours hitting me and I’m just throwing them back as I am fed up to the back teeth with the FSA telling us how to think and what to do and not answering ANY IFAs legitimate concerns about their own failures with anything otehr than political speak which invariably involes the individual replying NOT having a personal opinion!

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