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Highly charged

This year, I will be celebrating 20 years in financial services. In 1994, I undertook some prudent measures which I believed would provide a stable income instead of the helter-skelter of good month, bad month.

Since then, all regular-premium business has been on non-indemnity commission. Furthermore, I have built up over £5m in funds paying trail commission. This has resulted in a fairly steady monthly cashflow, for which I am grateful.

What is not so good is that my network, DBS, will now charge me 30 per cent more in charges on all my income, including the above. If I had taken indemnity commission and more single-premium commission with no trail, I would have paid less in charges. In this respect, prudence no longer seems such a good idea.

In addition to the above, the new structure will apply to renewals built up over the 10 years I have been in the network. Well, thanks a lot.

Terry Stevens Sole trader,Centre Financial Services,Rayleigh,Essex

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