Accredo Financial Solutions
Hourly Fees?

I recently decided to relook at my insurance policies, which are with Liberty Life; I was going to change to Momentum, and I found an financial planner, who spent some time with me filling in forms and arranging medical tests etc.
I have subsequently decided to stay with Liberty; when I told the financial planner (from a company called Accredo, based in Johannesburg), he said that it was no problem, but he would have to bill me for the hours that he had worked on my policies - if I had taken the Momentum policy, he would have waived his fee.
The fee he wants is R3500.00.
I don't think this is legal and fair business practice.
I don't see why I would be obliged to pay him, because at no time did I sign any paperwork where I agreed to pay him if I cancelled with Momentum, nor was there any verbal agreement of the aforementioned.
I am now taking this Momentum policy under duress - as far as I am concerned, his emails and actions are blatant extortion, never mind wholly inappropriate and highly unethical.

Company: Accredo Financial Solutions
Country: South Africa
City: Johannesburg

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