Brokers endure fastest commission decline for two years
Average commissions, fees and premiums fell at their fastest rate since June 2010 during the last quarter, according to the latest CBI/PwC Financial Services Survey published today.
The report found profitability fell ‘unexpectedly' over the past three months to June as business volumes were flat, income values fell and average costs continued to rise.
However, optimism among brokers rose during the period with firms expecting volumes to grow ‘modestly' in the three months to September.
Profitability is also forecast to rise while employment numbers grew for the second quarter running.
Headcount is expected to grow at faster pace during the next quarter and investment
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