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IFA in legal battle over renewal cash

An IFA firm says it is taking court proceedings against network Kilminster Financial Management, claiming it is owed over 10,000 in renewal commission.

AM&A Investment & Pension Planning managing director David Marks says he left KFM in February to become directly regulated and claims that despite repeated requests, KFM has failed to supply novation agreements to transfer agencies.

Marks says KFM continues to get renewal commission for a period well in excess of what could be regarded as reasonable.

He says he issued county court proceedings against KFM on July 20 to recover commission he says is owed both for business written before leaving the network and renewal commission transferred from his previously directly authorised firm to KFM.

KFM issued a defence via the court last week, stating it had fulfilled its contractual obligations and “only withheld monies from AMA after Marks threatened action and refused to share fees earned while registered with KFM”.

Marks says: “It is outrageous that Kilminster have acted in this way, refusing over an unreasonably long period to supply novation agreements. We are owed around 10,000.”


Pos Sol announces 70 per cent increase in profit

Positive Solutions has announced a 70 per cent increase in operating profit, from 3.6m to 6.1m, for the six months to 30 June 2006.The firm says it is on track for turnover to exceed 100m this year for the first time after turnover reached 48m for the first six moths of the year.Pos Sol announced […]

Royal London new business growth continues

Royal London’s new life and pensions business increased by 15 per cent in the first half of 2006.UK life and pension sales rose to £949m on a PVNB basis compared with £823m in the same period last year.Scottish Life’s new business was up 8 per cent to £695m and Bright Grey’s new business showed an […]

FSA delays discussion on provider police role

The FSA has postponed its discussion paper into the relationship between product providers and advisers amid continuing concerns that the regulator is trying to force providers to police intermediaries. The threat of extra responsibilities has forced non-mortgage trade bodies to start thinking about the potential impact of any FSA action. The ABI and Aifa will […]

Nationwide 20m deal to sponsor England

Positive Solutions is looking to set up a fund platform by the end of March 2007. Positive Solutions advisers use all the major platforms but the firm says it aims to create its own proposition. Executive chairman David Harrison says a truly independent adviser cannot favour a single provider-owned proposition but does need access to […]

Oil industry: only the fittest will survive

The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]


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