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Destini to stagger pipeline pay to keep Lifeboat members

Destini will not pay all outstanding pipeline commission to Lifeboat members until the end of November.

The IFA consolidator, which bought IFA and non-regulated network Lifeboat last week, is asking Lifeboat&#39s registered individuals to sign a six-month contract with a three-month notice period, which effectively amounts to a nine-month contract.

RIs will receive half of the pipeline commission owed immediately, with the remaining half to be paid by November 30.

Destini spokeswoman Fiona Price says paying pipeline commission is a goodwill gesture from Destini as it is not obliged to do so and the decision was taken to pay the commission in instalments as a quid pro pro to ensure that as many RIs as possible stay with Destini.

Regatta Estate Planning senior partner Mark Tigwell says: “If Destini had not bought Lifeboat, we would have seen nothing and so in this respect it is a fair arrangement but it is distressing as we have gone without money for a while.”

Price says: “We are paying the commission in instalments to ensure as many agents as possible remain with Destini. The pipeline commission is not our liability and so this is a goodwill gesture.”

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