Brokers warned over admin fees and commission

A policeman with a stop sign

DAC Beachcroft said analysis of FCA studies found that firms do not have sufficient focus on customers.

In a talk hosted by partner at the insurance advisory division of DAC Beachcroft, Matthew Rutter as part of an Managing General Agents’ Association (MGAA) event, a variety of issues were discussed, including broker fees.

An issue being that some brokers charge customers both admin fees and commissions. This was part of a wider debate about one of the key findings the Financial Cinduct Authority (FCA) has made regarding pricing.

Rutter suggested that there is a “danger if only commission levels

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Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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