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Trail and retribution

The pressure is also mounting on Paymentshield to reverse its decision to stop paying trail commission to advisers no longer regulated by the FSA.

It faces legal action from a group put together by former Paymentshield marketing director Gareth Riding while the Association of Mortgage Intermed-iaries has been drawn into the issue after being inundated with calls from brokers eager to seek compensation.

This saga must go down as one of the biggest financial services gaffes of recent times, given the way that Paymentshield’s reputation is being dragged through the mud.

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