Cater Allen Commission

Cater Allen Commission

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I have received a letter from Cater Allen Bank this week advising that after nearly 20 years or so of supporting their products (since the old Flemings days) they have decided that they don't want to pay commission anymore and are going to start cross-selling other products to clients despite always having promised not to.

Anyone got any thoughts on this? Needless to say I am unimpressed to put it mildly.

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By Maslins
27th Feb 2015 17:17

I got that letter too.

To be honest the commissions are more of an annoyance than anything else.  Not significant sums yet cause havoc with ICAEW's ethics.  After a visit a year or so ago had to send some painfully embarassing emails to clients "you know I told you I'd get some commission, well I didn't tell you how much, it was £5.74 in the last year".

Only skim read the letter, didn't pick up on anything sinister re cross selling?

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By Ken Howard
27th Feb 2015 18:35

I rebate the commission

For the exact reason of the bureaucracy of dealing with and notifying the commissions, I made the decision many years ago to rebate it as extra interest to the client.  It just wasn't worth the hassle.  I've been recommending CA to clients simply because of the benefit of receiving a monthly statement myself rather than pestering clients to send them to me - very, very handy and far more efficient for me.  I'll happily continue to recommend CA for the future.  The way I read the letter was that rebated commissions as interest to the client will continue for pre-existing clients, so that's good that the clients continue to benefit from it.

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By girlofwight
27th Feb 2015 22:53

£10k a year

£10k a year loss of income to my practice.  Hardly insignificant!

But que sera sera; lifes too short to worry about money, can nae take it with you.

PS ** waves hello** to Jon, and my eternal gratitude for being continuity person.

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