Ivan Massow, the entrepreneur who once ran the UK's 10th largest advice firm, is mounting a direct challenge to IFAs with a new online service to help consumers slash ongoing commission they pay for advice they no longer receive.
Paymemy.com, which launches today and is run by FSA-authorised Massow's Ltd, will rebate 80% of ongoing commissions to customers, while keeping 20%. Customers of Paymemy.com simply have to provide their policy details online and complete a form authorising Massow's to contact their product provider to find out how much trail commission is being taken from their policy. The commission will then be paid to Massow's as agent and not their current adviser. Massow launched the scheme by talking to a number of National newspapers over the weekend. He said he is targeting the estimated 10 ...
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