Brokers could feel the pinch of the reduction in referral fees in light of the Ministry of Justice (MoJ) conclusions, according to a specialist law firm.
Andrew Welch, head of litigation and insurance at Stephensons Solicitors, said: "The MoJ will be changing the funding of road traffic accident claims in order to speed them up and cut down the legal costs involved. This will have an impact on the legal expenses insurance (LEI) market and brokers looking to make commission from the referral fees.
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