Banks put loan pressure on commercial clients with preferred broker constraints

chain-up-wrists

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 copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Broking Success: Embracing technology

Mark Thomas, founder of Compare Insurance, is looking to harness the power of technology even further to continue the pace of 60% growth the business achieved last year.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: