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IFA firm wins court fight over MPPI commission

IFA firm Independent Financial Advisory Services has won a court battle over unpaid commission with mortgage payment protection insurance provider Mortgage Protection UK, which has been ordered to pay out over £5,000.

Mortgage Protection says it is making an appeal later this month, claiming it owes £2,505.66, not £5,265.

Ifas says it started doing business with Mortgage Protection UK in 1994 but it was not until 2000 that commission payments started being delayed, eventually stopping in January 2001.

In October last year, when Ifas switched most of its business to Payment Shield, it says Mortgage Protection owed it just over £2,000 but Scunthorpe County Court ruled it should get £5,265 to take account of missed interest and having to make alternative protection arrangements for clients.

Ifas partner Carl While says: “We have been owed the money since January 2001 and it is only since the court got involved that they have said they are willing to pay anything.”

Mortgage Protection managing director Chris Goalen says: “We owe £2,505.66, which is partly our fault, and we will pay that amount.”

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