Adviser feedback ratings for Paymentshield
Feedback comments
23 Jun 2008 BEWARE PAYMENTSHIELD. HAVING EXPERIENCED A NUMBER OF LAPSES AND CLAWBACKS ON MY RECENT COMMISSION STATEMENT I RANG THE CLIENTS ONLY TO BE TOLD THAT THEY HAD CHANGED BANKS. PAYMENTSHIELD HAD ISSUED NEW POLICIES WITH THE NEW BANK DETAILS AND NOT PAID COMMISSION TO ME. (BEWARE)
22 Aug 2007 Will never use again.
12 Feb 2007 Ditto. Rick Riding used to sell the renewals as an enhancement to your retirement plans and I think he was honest and truly passionate about Paymentshield. We have used them for years and have never had any problems, will try our hardest not to use them in the future under the new owners unless they decide to do a big u turn.
12 Feb 2007 When Paymentshield passed from being privately owned by the Riding family to the new owners, the price that changed hands to acquire the Paymentshield business would have included a signifant amount to cover goodwill. The other main atraction would have been the highly successful distribution channel. Namely the hundreds of agents that made this company the driving force in the industry. Gareth Riding is quoted as saying "It is heartbreaking to see the reputation of a fantastic company like Paymentshield being dragged through the mud". I wonder whether Chris Traynor, their new sales & Marketing director, is keeping his head down waiting for this issue to blow over, or is he putting together a plan to recover the situation. Do SimplyBiz have the answer for those advisers planning to retire.
7 Feb 2007 will not use these people again.
9 Jan 2007 Untrustowrhy. Avoid.
30 Nov 2006 What a shocking decision made by this company to stop paying the brokers who have made them the huge company they are. They surely cannot be allowed to do this. What on earth good can come out of what they have done other than a very short-term cash cow until business is switched. What they have done is scandalous and has killed their reputation in the market stone dead.
30 Nov 2006 the Paymentshield Sales and Marketing Director, tried to justify this action by drawing a parallel with the practices of Life Assurance Companies, which does not exhoneate Paymentshield. There are brokers who will never sign a contract with certain life companies because they have kept renewal commissions in the past and even tried to reclaim initial commissions for policies still in force. We are also their "Customers" and should also be Treated Fairly. How can we trust them to protect our clients in the event of calamity if they try to avoid paying us?
30 Nov 2006 Paymentshield have reneged on their promise to pay renewal commission to brokers after retirement.I and many others are actively seeking an alternative source.
30 Nov 2006 The way you've treated the guy's who have supported you.....0. Theft is the only word for you
22 Nov 2006 never had any problems with paymentshield, only problem people who have not had a claim find there premium going up by quite a bit on renewal, hence you tend to lose the renewal premium
20 Nov 2006 Disgracful stance on trial payments, maybe legal but moraly wrong to change agreement, there was little choice in signing new agreement Brokers lost out both ways, shameful
23 Feb 2006 Still up with the best, even after takeover
