View more on these topics

Network 300 firms consider legal move

Thirty former members of Network 300 are considering taking legal action over commission which they believe they have lost since the network collapsed.

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.”


Independent view

I cannot deny it, I am a worried man. I hear from numerous quarters that the precipice bond misselling scandal (if indeed they were missold) will be bigger than anything we have seen before.

‘Hybrid schemes boost take-up’

Hybrid pension schemes are the key to providing better occupational pensions that encourage employees to sign up, according to the CBI.

FSA provisionally authorises Aon, Marsh and Willis

The FSA has issued minded to authorise letters to Aon, Marsh and Willis, the three largest insurance brokers in the UK, in anticipation of the introduction of general insurance regulation in January 2005.The FSA says it issuing this statement in the light of market and media interest, at a time when many commercial organisations are […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm