Shake-up shakedown.[QQ]
A landmark ruling on a recent credit hire case has caused a shake-up of the motor legal expenses market that could mean closure for some providers. David Fanning looks at how brokers are reacting to the changes.
Now that the House of Lords has given a decision in the Dimond vLovell credit hire case, attention within the motor legal expenses market
is focusing on which providers will go out of business once the dust
settles.
It is estimated that upwards of £200m-worth of unsettled claims will now
have to be written off by the credit hire companies.
"If a provider goes to the wall, that will put the introducing broker in
an extremely vulnerable position," says Ray Kneeshaw, sales and marketing
manager at DAS
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