Brokers' professional association

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Brokers\' professional association

Last week I told my story of how I had been mislead by a broker into buying a VAT indeterminate boat as VAT paid. One of the suggestions I received was that brokers usually belong to a professional association, so maybe I could get some help there.

I followed this up. This is what I found. If anyone sees a professional association symbol at the bottom of a letter from a broker, and thinks they are protected from broker mishaps, think again.

The broker in question had 2 symbols on his letterhead - ABYA and YBDSA. ABYA is a sub-part of YBDSA, and represents brokers. I wrote to YBDSA and told them my story, and asked if they provided any cover for the mis-deeds of their members in the event of a member going out of business. This was their reply...

We do not offer arbitration direct or a bonding scheme. We are solely a professional association, so I am afraid we cannot help you there. We cannot overrule the due legal process and would not be able to put together all the evidence required to look into the ramifications of the case anyway. We have neither the resources nor legal knowledge to do so.

So, they seem to be in the business of helping brokers, and offer nothing for the brokers' customers. In other words, for you and me the yacht buyer and seller, it means nothing at all.

My opinion of the professionalism of brokers and their professional association is pretty low. Another quote from the YBDSA sums it up really...

Denmark is not in the EU, so VAT would not have been payable at purchase.

<hr width=100% size=1>Adventures of the VAT unpaid <A target="_blank" HREF=http://www.xrayted.fsnet.co.uk>Teddy Bear Boat</A>

 

[Gunfleet]

Re: Brokers\' professional association

Still, it's good news for the Danes.

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[Neal]

I thought it was a requirement..

that all members of the YBDSA must have professional indemnity insurance.

I've just looked at the home page of their website, which confirms that belief.

Have you contacted the 'Broker', or is he elusive?

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[andy_wilson]

Did you buy it OFF the broker, or THROUGH him?

?

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[smee]

Re:YBDSA

The YBDSA and ABYA is basically only a brokers (& designers & surveyors) "club" which seems to be used as a way of making Brokers and Designers and Surveyors look good, and professional. It also seems to try and denigrate anyone who is not a member, as can be seen from several of their past adverts in the mags.

It is true that the intended members have to show a certain amount of competance in their field before they can join, and are supposed to hold professional indemnity insurance as a condition of their membershp. However it is a subscription based "club" for the members and the organisation protects their members as they are the reason this organisation exists.

The punters who buy boats etc, do not pay any subs to the YBDSA, unlike the members, so it is highly unlikely the YBDSA would ever do anything other than protect those members.

A friend of mine found this to his cost when he tried to challenge them on the competancy of a surveyor that he had survey his boat and who was a member of said organisation. Although this surveyor was clearly incompetant, and my friend had good evidence to show that, they protected him and no doubt still take his yearly subscription.

Nobody should take for granted the so called guarantees these types of organisation claim to provide!!!


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[Neal]

Agreed, they\'re like Trade Unions...

as are most professional bodies.

That's why you've got to chase the Broker/ Surveyor directly. The YBDSA couldn't give a toss.

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[Twister_Ken]

Trading Standards

As I recall this particular broker is no longer in business. But if he/she/it had been it might have been worth lobbying the broker's local Trading Standards Department. They (TSDs) can get quite ratty with dodgy dealers and are bad enemies to have.

<hr width=100% size=1><A target="_blank" HREF=http://www.writeforweb.com/twister1>Let's Twist Again</A>

 

[Neal]

Doesn\'t matter if he\'s no longer in business...

If he's alive, and can be found, chase him for compensation. His indemnity insurance should still cover the period during which he was practising.

If he went bankrupt, now that would be relevant, but if he's in another business, or in employment somewhere elese, go get the bastard!

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[warrior40]

Re: Doesn\'t matter if he\'s no longer in business...

Cut to the chase, what ws this guys name??????

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[craigbalsillie]

Idea for a new forum...

A forum for promoting the distribution of information regarding good or bad customer service from all walks of the marine industry..

I personally think there's no excuse for bad customer service.. sure people make mistakes but in a vast majority of cases if the punter is told the truth and kept in the picture then he/she is a happy punter and will continue to use you. (OOeerr)

Manners cost nothing after all...

(A slight digresion from the main thread I know but it had to be said!!)



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[colvic]

Re: Brokers\' professional association

Try and see what response you get to a plea for help to the Insurance Broker Council...just like your broker one all meaningless and counts for less than bugger all! There is of course the Small Claims Court....but more about that on Tuesday when the case will be listed and I can tell all and sundry!


Phil

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[BrendanS]

Re: Kim\'s words of wisdom on the matter..

can be seen <A target="_blank" HREF=http://www.ybw.com/cgi-bin/forums/showthreaded.pl?Cat=&Board=forum&Number=344417&Search=true&Forum=All_Forums&Words=kimhollamby&Match=Username&Searchpage=0&Limit=99&Old=1month&Main=344085>here</A>

This subject has come up many times, and I have to agree with Kim's thoughts on the matter

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