Following demands from IFAs across the nation, Bungle Busters returns to
the fray in the first of an occasional series to expose product providers'
This time, we take up the case of Kymin Financial Services managing
director Gerald Davies who called BB following a five-month commission
wrangle with Legal & General.
Davies wrote to L&G at the end of last year, advising L&G that commission
owing to Kymin appeared to have been directed to network Bankhall.
He wrote stating Kymin had never been a member of Bankhall but had been a
member of IFA Network before deciding to become directly regulated by the
In February, L&G wrote to Davies, apologising for the delay in settling
payments and saying monies were not being directed to Bankhall but to IFA
Network, which Kymin has not been affiliated to since summer 1999.
This month, L&G key account director IFA division Len Hall claimed that
Kymin's paperwork had been changed to exclude Bankhall, saying Davies “can
shoot me if this is not true”.
An L&G spokesman says: “While this case is taking longer to resolve than
would normally be the case, this has not been through a lack of action on
“The case has been more complex than normal due to the need to reclaim
some commission from Mr Davies's former network. Now this has been sorted
out, we look forward to resolving all outstanding issues on this case as a
matter of urgency.”
But Davies retorts: “The real problem is you get passed from pillar to
post. Information about our company was divulged to a third party – that is
Bankhall – and it is all L&G's fault.”