IFA network Berkeley Wodehouse Associates has come under fire from former members for hanging on to their renewal commission after they have left the network.
BWA is being criticised by IFAs for delaying commission payments, making it difficult for IFAs to move to another network or become directly regulated by the PIA.
Sterling Chase Associates principal Vanessa Tye says she has not recouped all renewal commission since moving from BWA to Investment Strategies, part of Bankhall, last September. This is despite Investment Strategies sending BWA a
written request to transfer business to them last October. Tye is dealing with the network through Armstrong Neal Financial Solicitors.
Tye says: “Despite Bankhall accepting liability, BWA is not playing ball.”
IFA Charles Isdell-Carpenter of Kerlyn Financial Management, who left BWA last October to be directly regulated by the PIA, is also waiting for renewal commission.
BWA chief executive Malcolm Streatfield says: “We will pay renewal commission as long as people follow our leaving procedures and compliance requirements are met. We do not put barriers in the way.”
Armstrong Neal partner Gareth Fatchett says: “Holding on to protective renewal commission can be seen as a restrictive practice. If this situation sets a principal, everyone else will have to fall into line.”