SPML under fire for late payment of proc fees

Ramesh Sharma

June 1, 2004

John Stewart, director of PMI Independent Financial Advisers, an AR of Sesame, said he was still waiting to receive his proc fee from SPML for a case he placed with it in September. He said the lender had informed him it was experiencing a problem with the DBS commission run. IFA network

DBS was taken over by Sesame in 2003.

Stewart said: “We should have received the proc fee in October. I expect other ARs of Sesame have experienced the same problem. We have been told the problem with the commission run has actually been going on for about six months. The lender should normally pay commissions in bulk every two weeks to Sesame. This is quite poor.”

A spokesperson at SPML confirmed there had been a mix-up and the commissions may have been paid into the wrong account. It said it would be rectifying the situation and the proc fees should reach DBS’ bank account by the following day.

But Stewart said: “Which bank account did it go into then? Another Sesame account? Another broker’s account? Another network’s account? It doesn’t make much sense.”

Jared Aitken, spokesperson for Sesame, said: “As far as we can gather the issue is with SPML. We’re not happy with any issue that inconveniences our members. Clearly there has been a problem with the payment of proc fees by SPML for a few months now but we looking to sort out this situation as soon as possible.”

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