Greed Factor
Why should financial services companies treat their “staff” in Spain so unfairly? I am aware of a situation where, through no fault of his own, a financial adviser was pushed to the point of financial ruin , by the draconian treatment of his “employers”. Fair enough they did advance him money in the first months of his time there, but events outside the company’s control meant that the company would not get paid its commissions, as some investment fund managers shut up shop, temporarily.
Facing mounting finnacial pressures, he had no option but to resign and try to do something else. No-one can survive on fresh air. The Spanish system does not offer any help or support to people with hardship, and the mortgage lenders are far from helpful. The situation was that the commissions received from his business now, were more than he had been advanced, so he should have been paid…not a princely sum, but enough to keep the wolves at bay.
The company, alleged that he was in serious breach of contract, even though he had not been able to honour the 3 month notice period, because the company cut off access to all systems, within a hour of his resignation being received.
Faced with this situation, then I guess anyone would have tried their utmost to get paid what is their entitlement, and would have followed whatever route after their survival instincts.
In Spain financial advice compnaies get away with murder, because despite being regulated via “passporting” by the FSA , who cannot sanction activities on the ground in Spain, they go on making up the rules as they go along.
