View more on these topics

Sesame fears unfair lottery over fee-free complaints

Sesame says it does not allocate either of its two fee-free omb-udsman complaints to anyone because it would become an unfair lottery.

PMI Independent Financial Advisers director John Stewart complained after being charged 360 for defending a Financial Ombudsman Service misselling claim. He says the fee would normally have been waived as it the first claim against him but this rule does not apply because he is part of a network.

Sesame media relations manager Jared Aitken says that because the network has over 5,500 members, it would be too difficult to apportion its two fee-free claims fairly so it makes all members pay. He says: “We appreciate Mr Stewart’s frustration and we also believe that the position is unfair. It is something we will continue to pursue.”

Stewart says: “It was a frivolous claim which should have been waived anyway but because I am part of a network, I do not get the opportunity of a free first claim.”

Recommended

Product Matters

Barely a week passes without a call for action by Chancellor Gordon Brown to change the way in which stamp duty is charged and rightly so. The banding system and, more importantly, the lack of amendment to these bandings over the years means that stamp duty has become a bigger burden for more borrowers. Hopefully, […]

Baited hooks and red herrings

Is multi-tying purely a commercial decision by advisers to get higher commission or does it really benefit the consumer by offering them a less confusing best-of-breed selection?

For charity sake…

Charity was the real winner at the Money Marketing awards last week – along with the dieting industry. The HSBC table raised £70 for Comic Relief by persuading Hargreaves Lans-down’s vegetable-dodging investment manager Ben Yearsley to eat three helpings of “white chocolate tulip” dessert and 20 large after-dinner chocolates to raise money for the starving.

Friends restructures team

Friends Provident is restructuring its UK life and pension management team.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment