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Clerical is criticised for switch promotion

Clerical Medical has been accused of going against the principles of treating customers fairly after promoting a product as “excellent for bond switching”.

Broker consultants from Clerical Medical have been emailing adviser firms promoting its investment bond with the line “Up to 8 per cent commission or 108.75 per cent allocation – excellent for bond switching”.

The Whitechurch Network com- pliance director Gaynor Newman says the offer implies that the commission rate is a valid reason to switch. She says: “I do not see how this fits with TCF.”

Clerical Medical Financial Services managing director John Hiew says: “The reference to bond switching was int-ended to refer to the enhanced allocation for investors and not the amount of commission.”

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