Call for Insurance Commission Reform
Association of British Insurers call for a change to commission payment system to IFAs
21st February 2005
The Association of British Insurers has called for a change in the way independent financial advisers are paid for selling insurance products.
At the moment, an adviser receives an upfront commission for sold policies, but the ABI believes this should be changed to a regular, smaller, commission paid for the length that the policy is held.
The Association says that this would reduce instances of mis-selling, as if the policy sold is not suitable, it wont be kept on and so the adviser wouldn't be paid.
Read More: Association of British Insurers
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