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Dispute with Financial Advisor Network

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  • Dispute with Financial Advisor Network

    Can you help me please. I joined a Mortgage network in 2005 as a Mortgage Advisor and left in 2008/9 after the credit crunch hit. One of my clients in 2014 put a PPI claim in against the company who I arranged their sickness cover with. My network handled the claim but could not come to an agreement so the case was sent to the financial Ombudsman who looked at the case and it was agreed that I hadnt mis-sold the sickness cover. Apparently FOS charge my network £500 to look at the case which my network is asking me to pay. I have refused as I had left the network some 5 years earlier but they are now threatening to take me to court for the money and have involved a firm of solicitors. I asked my network how they had come to the figure of £500 and they said that they charge a percentage of the cost of the annual charge to FOS for each and every claim. I look forward to hearing from you. Debbs

  • #2
    Re: Dispute with Financial Advisor Network

    I'm sorry I can't help you Debbs but I didn't want to read and run.

    I don't see how the network can ask you to pay the £500 as FOS agreed that you hadn't mis-sold the sickness cover. Maybe they're threatening court and involving solictors in the hope that you'll panic and pay. If I were you, I would stand my ground.

    I'm not sure how mortgage networks operate but did you have a contract or anything that stated what would happen if FOS became involved?
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    • #3
      Re: Dispute with Financial Advisor Network

      Hi Debbs,
      I agree with Pixie, this sounds most unfair, particularly as the Ombudsman found in your favour, but the terms and condition of your contract would seem to be crucial here.
      Were you classed as self employed, and did you have Liability Insurance?

      Elsa x


      • #4
        Re: Dispute with Financial Advisor Network

        Unfortunately a network does get charged £500 per case by FOS , also even if you had pi the amount would be lower than the excess.

        I would ask e network though where it states in your contact that you where liable.