Brokers warned over admin fees and commission
DAC Beachcroft said analysis of FCA studies found that firms do not have sufficient focus on customers.
In a talk hosted by partner at the insurance advisory division of DAC Beachcroft, Matthew Rutter as part of an Managing General Agents’ Association (MGAA) event, a variety of issues were discussed, including broker fees.
An issue being that some brokers charge customers both admin fees and commissions. This was part of a wider debate about one of the key findings the Financial Cinduct Authority (FCA) has made regarding pricing.
Rutter suggested that there is a “danger if only commission levels
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