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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

PIA.

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.”

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