Entrepreneur Ivan Massow's controversial trail rebate firm has gone out of business because "it made a loss every time" it paid commission back to a customer.
Massow's Commission Cleanser, or Paymemy.com, was set up in September 2011 with the claim that it could help advisers' clients reduce the future trail commission they are due to pay for advice that they will not receive. By switching their policies to Paymemy.com, Massow (pictured) pledged to rebate 80% of future commissions to customers, while keeping the rest. The model was "no-win, no-fee", so if Paymemy.com was unable to track down the commission, the customer would not pay a penny. However as of yesterday the firm is no longer offering a commission recovery service to clients....
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