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Network lines scrambled as L&G shoots off target

Following demands from IFAs across the nation, Bungle Busters returns to

the fray in the first of an occasional series to expose product providers&#39

wayward administration.

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&#39s 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

our part.

“The case has been more complex than normal due to the need to reclaim

some commission from Mr Davies&#39s 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&#39s fault.”


Setting standards to improve long-term insurance picture

Whether justified or not, the insurance industry is regarded with a degreeof caut ion and mistrust by many of our customers and this applies toproviders and intermediaries.Such mistrust is neither good for the consumer, whom it discourages frommaking the kind of financial provision they will need for the long term,nor for our businesses.We are all […]

Tech funds plummet after massive Isa take

Aberdeen&#39s technology fund is claiming first prize in the Isa fund racedespite technology stocks going off the rails in recent weeks.The tech fund took £375m in the past 12 months, with more than £315m takenin the last three months alone. But no technology fund has escaped therecent volatility in the tech, media and telecoms sector.The […]

Advisers urged to push waiver and life cover

IFAs are being urged to jump- start the pension market with a buy nowwhile stocks last campaign, pushing waiver of premium and life cover beforestakeholder restrictions apply.Providers believe IFAs can take advantage of the changes to boost theflagging personal pension market.From April 2001, life cover under pensions will be restricted to 10 percent of the […]

Investment View

What a week. The last time I recall the Stock Exchange being unable tooperate was in the aftermath of a hurricane that scythed its way throughSouth-east England, blocking roads and railway lines and preventing dealersfrom arriving at work. It was unfortunate that the October 1987 storm tookplace just before one of the biggest ever falls […]

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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