The members met last week to discuss the situation and are seeking legal opinion on the merits of a case.
Sterling Financial Services managing director Ged Burrows claims that members of Network 300 were told at a meeting held by Thinc that they would get 70 per cent of pipeline business commission.
But Burrows claims that Thinc has since reversed its position and advisers will get nothing unless they join the network.One former member of Network 300 says he may have lost 100,000 as a result of the firm’s collapse.
Burrows says: “We are seeking counsel’s opinion. We were originally told at a meeting held by Thinc that we would receive 70 per cent of commission, whether or not we joined the network. Thinc have now reversed their position and are saying that we will not get anything unless we join.”
Thinc chief operating officer Simon Chamberlain says:”We have been completely consistent and we are still paying 30 per cent, or more in some cases, to those firms which come on board.”