Broker Expo: Referral fee ban will be the 'next scandal'
The proposed ban on referral fees will be a good thing, but has the potential to damage public perception of the insurance industry, according to a panel discussion at the 2011 Broker Expo, hosted by Insurance Age.
According to Ian Wainwright, broker sales director at Ecclesiastical, a ban would be "a great thing", as it would create a more level playing field.
"We need to get back to the point where the price you see is the price you pay, and the provincial brokers have got as much chance of doing a deal with a client than other larger outfits."
Grant Ellis, non-executive chairman at Broker Network, said he was very pleased with the proposal and that he would be glad to see a complete ban on referral fees.
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