Banks put loan pressure on commercial clients with preferred broker constraints
The broking community has accused banks of abusing their position by placing increasing and aggressive pressure on small commercial clients to use their preferred insurance intermediaries.
Mike Dickinson, business development director at Russell Scalan Insurance Brokers, said banks were regarding it as an additional income stream.
He said while any conditional lending would be difficult to prove, he and fellow Unitas brokers across the country had†substantial anecdotal evidence that banks were "abusing their position†to engineer appointments and push their preferred brokers more aggressively than previously".
"Our own experience would suggest the advice given is sub-standard with
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Takeover target Direct Line posts £189m operating loss
- Markerstudy gets CMA greenlight to complete £1.2bn Atlanta deal
- FCA warns insurers, again, on undervaluing total loss motor claims