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Compensation for unpaid proc fees
8 July, 2008
Exclusive Connections (EC) is offering new intermediaries who lost out on procuration fees when their packager went out of business, a £100 store voucher per new case submitted through an EC member up to a total value of £1000.
The new scheme will give an introducing broker, who has suffered a verifiable procuration fee loss, a £100 store voucher for every completion up to the value of the loss or £1000 which ever is the less. The vouchers can be redeemed at many leading retailers.
Matthew Arena, managing director of Exclusive Connections, commented: “At Exclusive Connections we want to make sure that advisers can feel confident in dealing with packagers. The offer we are making is open to those brokers who have been left out of pocket when their packager went out of business and have documentary proof of the loss they suffered. We believe passionately that every packager should have some mechanism that ensures that procuration fees are guaranteed. By choosing an Exclusive Connections member, not only can those who lost out get some compensation, but everyone who deals with Exclusive Connection members is assured that their procuration fees will be paid.”