View more on these topics

Ex-Ashley Law advisers in commission claim battle

A former Ashley Law adviser has issued a statutory demand to the Essex company for £7,719 of earnings he says is owed a year after he left.

Ned Naylor is one of a group of nine former advisers who are planning a group action for the recovery of around £500,000 which they claim is for lost earnings.

Ashley Law says it has a counter-claim against Naylor which relates to outstanding fees which it says exceeds the value of his claim. Naylor says he paid £5,000 for client and commission ownership so he would not be liable for the fees. Naylor was given notice by Ashley Law in February 2003.

The case of Chris Wilson, another former Ashley Law adviser, for breach of contract is being considered in Guildford County Court.

AP Financial Services UK adviser Naylor says: “The deal with Ashley Law was that I would own the clients and the commission from them. Ashley Law says it offers guaranteed owner-ship of clients and commission. I have not received payment which I can prove has been paid to Ashley Law by providers and that is not right.”

Ashley Law managing director Jock Cassidy says: “Mediation has not come to an end – we are trying to persuade them that they are wasting their time and money going to court. We do not owe these former advisers any money.”

Recommended

FSA says Menu will reduce overpaying risk

Firms will be required to present clients&#39 payment options and illustrative commission amounts for the firm and the market in a standardised format under the FSA&#39s new pricing menu.The FSA says the move should mitigate the risks of consumers paying too much for financial advice, as it expects the Menu &#45 which will show both […]

Confidence is up but protection sales stall

The ABI believes consumer confidence is on the way up, with its final-quarter figures for last year showing “definite and encouraging” signs of improvement. Total new individual regular business increased from £864m in the third quarter to £885m in the fourth quarter. Individual single-premium business rose from £10,912m to £11,658m and group single-premium business was […]

Final Menu rules due second half of year

The FSA plans to publish its final rules in the second half of the year, when it will unveil its policy statement giving feedback on the consultation. The consultation finishes on June 1, after which the FSA will review the responses and amend its draft rules accordingly. As the Menu is key part of the […]

Credit Suisse is runaway leader for multi-fund money

Credit Suisse&#39s multi-manager funds took in almost 20 times more money than Henderson&#39s and close to four times those of Jupiter in the fourth quarter of 2003, according to a confidential report. The report, which for the first time shows fund groups&#39 gross sales of multi-manager funds, reveals Credit Suisse attracted £117.8m in Q4, blazing […]

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com