Insurance Age blog: Where did the culture of compensation come from?
When Axa came out and sang from the roof tops about its decision to ban referral fees, it labelled the move "a first step in a journey to reform the emerging compensation culture which it claimed was spiralling out of control".
Since then, much has been written about the insurer's decision to go it alone and consequent doubt has been raised from certain quarters over how noble Axa's intentions really are. Other insurers have not jumped on the band wagon, not because they do not perceive referral fees to be a problem, but because they feel that only an industry wide solution can provide the necessary clout to tackle the culture of compensation.
Regardless of who is right or wrong, the industry is unanimous in its
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