Brokers should disclose commission fees
Insurance brokers will have to disclose the cash amount of all commission and related payments received from insurers or risk breaking the law and Financial Services Authority rules, warned law firm Reynolds Porter Chamberlain.
Kenneth Underhill, partner at RPC, said: “Insurers who collude with brokers could also be sued by the broker’s clients for ‘tortious interference’ and possibly fraud.”Another partner at the firm
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