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Paymentcare: Slashing broker commission “unfair”

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  • 19/10/2011
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Paymentcare: Slashing broker commission “unfair”
Paymentcare.co.uk has vowed to maintain its commission fee structure, following Paymentshield’s decision to cut brokers’ fees to 5% if they have failed to write any new business over the last 12 months.

Dubbing its competitor’s move “unfair”, Paymentcare said it does not have a ‘minimum business volumes’ clause within its terms and conditions like Paymentshield does.

It said it will continue to pay brokers 30% commission on its landlords’ buy-to-let policy and 28% commission on its buildings & contents and MPPI policies.

Shane Craig, managing director of Paymentcare, said it was set apart from its competitors for the fact it will pay commission for life, unless regulatory changes forbid it, and will not cross-sell to brokers’ clients or charge policyholders a monthly admin fee.

Craig said: “With the downturn in the property market, it is clear that many providers are feeling the pinch, but it strikes us as unfair that brokers could see their commission slashed, especially when they are duty bound to find the best policy at the best price for their clients.”

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