I posted this on the other forum by mistake so my apologies if you have already read this on there.

Eleven years ago I was a director of an IFA company. We were in a network who took the commissions we were due and paid us out after taking their cut. Many of the commissions were on indemnity terms whereby we were paid the first 4 years commission up front but there would be a clawback of commission if a policy ceased in the 4 year period. I was asked to sign a personal indemnity whereby I accepted personal liability (along with another director) for any clawback. I had no problem accepting this responsibility and such an indemnity was fair and reasonable.
I left the company 11 years ago after a dispute and forgot all about the indemnity. The endowment compensation culture came in and the way the system works is that a claim is made against the IFA and if found to be justified, the IFA or the PI company make restitution. If the claimant is refused compensation because the files show that all risks were clearly explained to the client at the time of sale, the claimant still has the right to go the the Financial Services Ombudsman. The IFA has to pay a fee to the FSO even if the claim is rejected. That fee is currently £540 I believe. The company had only two cases that went to the FSO and both were rejected but the company had to pay the fees. In actual fact the network paid the fees and sought to recover them from the company. However the company has ceased to trade although all the directors did was close down the company and start up again under a new name.
I am now being chased by the network for the FSO fees. I have argued that the indemnity that I signed was for commission clawback only but there is in the agreement the words "indemnify the Company against all costs, claims, demands and expenses".
I have written to the directors of the newly formed company but they just don't want to know.
The indemity I signed was, to the best of my belief, just for indemnity commission but I am now being told they have a claim against me for these other costs. Do I have any argument against the claim at all please?

Regards