I and many others worked for this man for a number of years prior to the FSA being formed. During that time I noticed but did not recognise that Mr Bateman sold long term life insurance products from Provincial Life and Equity and Law that is mostly unit linked 25 year term whole of life contracts.
In 1986 Bateman decided without any notice to move his operation for want of a better word to a Castle yes a Castle in an out of the way little hamlet in the Devon countryside known as Manheniot near Plymouth there was only one one car wide road in and out of the hamlet making it difficult to access his home based business. A home business that regularly netted an income of between 30, 000 and 45, 000 per month. His associates me included were left high and dry with no idea how to continue our work. Work that required a 16 hour day and traveling with no financial assistance what so ever.
The commission structure was as follows
On start up the associates were to place 3000 into the company accounts before receiving any commission ourselves. On leaving this fund was never returned to us.
In addition the structure allowed a 50/50 split on commissions. No allowance was made for performance enhanced over ride which was received without our knowledge this was usually 20 to 40 % on top of the basic commissions.
We associates were never made aware of this and trusted our employer although of course he wasn't an employer at all because he never paid our wages/salaries or paid taxes on our commissions.
On leaving Bateman Financial Services many things came to light.
According to the many insurance companies all the clients that we had personally sort out and befriended were considered Bateman's personal business clients he being in receipt of all commissions and over-rides.
We all therefore had to start amassing a new client base to make any income for ourselves.
This in itself is considered business practice in all sales businesses So no complaints at all.
When looking through the letters and client data we discovered many things one was that long term 25 year savings insurance linked policies were acknowledged to the client by way of their confirmations was for one year and one day. These plans attracted tax relief and most of Bateman's clients were high (40%) rate taxpayers.
My grievance is that I had to go to two independent lawyers called solicitors before even a small part of the owed commission was paid. Fortunately for me I engaged a Solicitor who was also one of Bateman's clients - that really
made a difference.
I received a small monthly payment for a few months until the FIMBRA regulations came into force and let brokers play fast and loose with former associates owed commissions.
Bateman still owes me my commissions and although over the years I have made attempts to receive the initial 3000 he has no intention of refunding my money or the 25, 000 he owes me from my personal sales.
He is still permitted to trade today and although one or two of the associates I worked with have called me to tell me they received NO Commissions at all The FSA does nothing to investigate this man.
In fact in the USA there are lawyer adverts stating that employers regularly don't pay their laid off staff and that they can be sued for their earnings.
I have worked for a number of brokers and insurance companies here is a list
Bateman Financial Services Bodmin Cornwall (Some commissions paid lots of fraud here)
Royal Life (all commissions paid no fraud here)
Guardian Royal Financial Services (all commissions paid no fraud here)
Laurentian Life (all commissions paid no fraud here)
Moneywise (Southbourne) member of Highcliffe FS (disgraced by fraud of London and Manchester Insurance company) (No commissions paid lots of fraud here)
Save and Prosper Wimbourne (all commissions paid no fraud here)
Wolfe Oakey Brown Financial Services run by Michael Wolfe Magistrate (ripped off the very talented and hugely successful Weston brothers to the tune of tens of thousands).
Last and by no means least Sovereign Financial Planning Ltd. run by the now deceased Robin John Oswin Seccombe (his brother left the company after discovering tax irregularities and company expense fraud.
(Most commissions unpaid plenty fraud of here)
Looking through the online broker reports here in USA and with personal bitter experience you must all be able to judge why the world is in financial melt down.
It is entirely because the regulators don't regulate.
There will be many many more Madoffs and Stanfords and Banks to watch for during the coming months.
Snuff
Edgewater
Florida
USA
Ouchtheygotme
New Smyrna, Florida
U.S.A.
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