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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.”

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