DUBLIN based financial services company, Taylor Asset Managers, is facing an Irish Brokers' Association (IBA) hearing into two client complaints. It also has lost a key international partner, Fidelity Investments, in recent weeks.

It is understood that Mr Tony Taylor, managing director of Taylor Asset Managers, is due to appear before the Council of the Irish Brokers' Association in the near future to answer two complaints regarding handling of business.

An IBA spokesman refused to say whether it had received any complaints or whether a hearing involving the company was due to take place. The association never discusses whether or not it has received a complaint regarding a particular member, the spokesman added.

A spokesman for Taylor Asset Managers declined to comment on any correspondence with the IBA and said it would be better to speak to Mr Taylor. However, Mr Taylor was said to be "travelling in the UK" and could not be contacted the comment last night.

Meanwhile, in a separate development, The Irish Times has learned that the giant US financial group, Fidelity Investments, has severed its links with Taylor Asset Managers. The exclusive agreement that it had operated with Taylor Asset Managers since 1989 was discontinued last month, Fidelity said yesterday.

We decided to take a look at the way in which we distributed our products (in the Republic) and the exclusive agreement with Taylor doesn't give the flexibility we require," said Fidelity's London based executive director of corporate communications, Mr Paul Kafka. Fidelity decided to end the agreement in June and at that time gave Taylor Asset Managers one month's notice of its intention to end the link.

According to Mr Kafka, the whole relationship "between Fidelity and Taylor Asset Managers has been terminated".

The Taylor spokesman says he was not aware that Fidelity had terminated its entire relationship with the company. He said any further questions should be put to Mr Taylor.

Having an exclusive agreement with Fidelity brought considerable business to Taylor Asset Managers, and its conclusion is likely to result in a significant loss of income for the firm.

Mr Taylor's company is thought to have had about £30 million in funds under management with Fidelity. Income from the Fidelity arrangement was understood to have been substantial, and could have represented as much as half of the company's turnover, according to one financial industry source.

The Insurance Brokers' Association is the sole representative body of insurance brokers recognised by the Department of Enterprise and Employment. It has 600 members across the state.