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OK, my friend is a Broker, as part of a insurance deal he put some business to a FSA guaranteed firm in the way of a performance bond (to guarantee that the building work was finished on time 60k) said work was completed and no penalties were incurred. Said firm( which my friends firm went through were FSA regulated) got the performance bond though a firm in Zurich(who are not)
Now the firm in Zurich are in dispute with the said firm who gave them the business in the 1st place and wont repay the 60k bond, the Uk regulated firm seem to be dragging their heels and the guy who placed the bond is giving my friend a hard time.
Q- should he report the Fsa regulated firm to the FSA that resides in the UK, or can he go anywhere abroad??
He didnt earn anything from the performance bond, but did earn money related through insurance .
Now the firm in Zurich are in dispute with the said firm who gave them the business in the 1st place and wont repay the 60k bond, the Uk regulated firm seem to be dragging their heels and the guy who placed the bond is giving my friend a hard time.
Q- should he report the Fsa regulated firm to the FSA that resides in the UK, or can he go anywhere abroad??
He didnt earn anything from the performance bond, but did earn money related through insurance .
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Just wanted to know whether he should go after the uk regulated firm or if there are regulators in zurich since the performance bond was bought from a firm there.
My friend, who is a broker,put the guy in touch with a uk regulated firm who in turn placed the bond with a firm based in Zurich, he earnt nothing from the commission, although he did handle some other business from the guy.
sounding a bit ropey tbh
was there any official advice or recommendation given or was it nod nod wink wink
sounds like your mate has been done up like a kipper tbh :(
was there any official advice or recommendation given or was it nod nod wink wink
sounds like your mate has been done up like a kipper tbh :(
He doesnt deal with performance bonds, so he put the guy in touch with this firm, as he deals with other aspects of his clients affairs, he is getting pressure to deal with it.
Zilzal
If a UK firm gave the advice your mates client shoudl be able to complain to teh firm in the first instance. The firm will then answer his complaint and if necessary refer him to the FSA.
Surely your mate, knows about this sort of thing if he is in the game!!
If a UK firm gave the advice your mates client shoudl be able to complain to teh firm in the first instance. The firm will then answer his complaint and if necessary refer him to the FSA.
Surely your mate, knows about this sort of thing if he is in the game!!
Chisel, he doesn't deal with performance bonds, just passed it on but is getting the hassle.
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