Update: IFA Advisor bill missold Endow. ADVICE PLS

dunstonh

There is no company trading as Halifax property services according to the FSA.

However, it is probably a misnamed or pre-FSA named agency belonging to Halifax Estate agencies Ltd or Halifax Fianancial services ltd.

On an endowment the servicing agent would get the monthly renewal/trail commission which would be anything from a few pence to a couple of pound. That is why this woman wants you to transfer it. In isolation, its not a lot of money. However, do it for a couple of hundred clients across all their policies and it soon adds up.

The choice is yours really. If you dont want her to get the money and become servicing agent (which she hasnt really earned) then write back to her and tell her you do not want her to take over servicing rights or act on her behalf in the future. That cancels the terms of business agreement. Anything she does after that in an attempt to take over business would be a breach.

Lady_K

Thankyou,

Anyway I just emailed the IFA and told her exactly that and requested that she confirm she has recieved the email, if she doesnt I'll send it by post.

I also spoke again to Standard Life and this time a different dept which told me that actually no one has the servicing rights now that in the early stages it was Halifax but she said only I have the rights now. I requested she put a note on my files saying that I must be contacted if there is any request to change that. I also asked if there was a time limit for anyone to apply for the rights just in case I did sign anything and it slipped my mind. She said max 6 months, its 6 months before the end of this month so hopefully it will be fine.

I'll just keep my fingers crossed that she doesnt get a bit miffed that I wouldnt allow it to go through and her bill me again

Thanx everyone

dunstonh

Thankyou,
I also spoke again to Standard Life and this time a different dept which told me that actually no one has the servicing rights now that in the early stages it was Halifax but she said only I have the rights now.

What this really means is that the Halifax agency closed and was not transferred and as a closed agency, Standard Life pocket the commission that belongs to the plan. If things were fair, then you should get this commission ...but they arent.

Lady_K

Well that is not surprising really but anyway at least it’s not in her hands.

I got a telephone call from her partner today saying she is away but he rang to confirm that they have received the email from me. He said they will keep me on the database but they won’t be dealing with my endowment mortgage and will only act on my instruction. He said it was a generic letter and that I never actually signed anything for them to take over so I'm pleased about that.

I'm a bit disappointed though that they didn’t confirm receipt of my email in writing... they only had to return the mail and it was about terminating any working relationship. Seems a bit funny to me that she moves from one company to the other as of 1st October and she’s on holiday already. I only received the mail on 2nd October so she’s gone pretty fast...