Essex broker pursues financial adviser for £250,000 in lost commissions
Essex-based broker Burgesses has launched a £250,000 legal action against Northern Ireland independent financial adviser (IFA) Edward Vance to reclaim lost commissions.
Burgesses managing director Simon Burgess said the action related to a "shared commission arrangement" with Vance's company Campbell Hunter Consultants.
Burgesses provided an accident and sickness scheme which Vance sold. Burgess alleged that Vance kept the commission that he was owed on the scheme.
Burgess said a three-day court hearing had been booked in August at Chelmsford County Court.
Last month Vance was also sued by his former company, Northern Ireland brokers Hughes & Company of Newtownards.
As a result Vance was ordered to pay £7,792.94 to the company plus £3,0921.21 in costs.
Vance was previously a director at Hughes & Company. He joined the company in the late 1980s to run its IFA arm.
Hughes & Company director Jim Bowers said: "One of our main accounts that Vance worked on was for the Police Federation of Northern Ireland, the trade union for the Royal Ulster Constabulary - he was responsible for benefits schemes."
The civil court case taken out by Hughes & Company stated that Vance was guilty of "breach of contract" and "misappropriation of funds."
Insurance Times attempted to contact Vance, but was told via email that he was "away on business."
It is understood that Vance is continuing to place business on behalf of the Police Federation, using Foresters as underwriters.
A spokesman for Foresters said the company had no comment.