Tenet-owned M&E Network is embroiled in a row with a retired adviser over a £4,000 misselling claim on an endowment policy.
M&E has told retired adviser Michael Reis that he owes £4,000 for an endowment misselling claim, which the network alleges is due to negligent advice given by himto the client.
But Reis, who was an appointed representative and one of the founder members of M&E, believes that M&E is the negligent party because every piece of business that hedid was put through the network, which was supposed to check it.
IFA Defence Union chairman Evan Owen is helping Reis with the case and says this is the fourth case he has dealt with that concerns M&E pursuing advisers for misselling claims. He says one adviser was being pursued for £23,000 by M&E.
Owen says: “How can a member be negligent because the responsibility for doing this business and accepting it is the network’s. They will have to eventually give up pursuing these advisers because there are hundreds of them out there.
“These debts are on M&E’s balance sheet and should not be the responsibility of the advisers to pay. It is not fair that retired IFAs are being harassed in this way.”
Reis says: “Every bit of business we ever did went into the network and they were supposed to check it.
“They are trying to get me for negligent advice but I have not given negligent advice. They said the reason why letter was negligent but it was their wording on the letter.I joined the network in the belief that I would not have to go through this sort of thing.”
Tenet declined to comment on the issue.