Bend with the FCA and stop taking commission
Ravi Takhar, CEO of Orchard Funding Group, explains the advantages of an insurance broker becoming a lender.
The problem with all change is that it pushes us into the unknown and so it is not surprising there is a lot of scepticism around the FCA's drive to reduce the level of commissions taken across the industry.
Commission income is critical to thousands of brokers and no one wants to lose it. Most recently this has been focused on commissions taken from insurance premium finance and it is why insurance brokers have to be regulated as credit brokers by the FCA.
The issue is simple. Commission income
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