Brokers under fresh attack due to “huge conflict of interest” over commission

raining-money

Report claims brokers receive up to 80% of their remuneration from insurers with Mactavish saying more businesses are “questioning the role their brokers play" as coronavirus crisis "brutally exposes" problems in the market.

Mactavish has called for a complete overhaul of how broker remuneration is communicated to clients after it published a report revealing that brokers receive as much as 80% of their remuneration from insurers.

According to the consultancy, this presents a “huge conflict of interest” as only 20% of broker revenue is composed of fees from their clients.

The report, Broker Conflicts, also showed that much of a broker’s revenue is directly linked to the price of premiums and Mactavish flagged that

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Markerstudy rebrands broking arm

Markerstudy Broking has been renamed to Markerstudy Distribution to encapsulate the range of products and services across the whole division, the business has confirmed.

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