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Broker talkback

If providers paid indemnity commission on investment funds – like Norwich Union is introducing – would you write more investment business?

Yes – 0%
No – 100 %

No “We don’t write business for commission so we would not change anything. NU’s service levels are terrible anyway so I would not write business with them.”
-Joe McCall, J M C Financial Options

No “Not really. NU should concentrate on getting their administration sorted out.”
-Dave Cox, Lawton & Taylor IFAs

No “It is a backward step. We are not commission-driven and these type of offers are potentially dangerous.”
-David Kirkpatrick, David Kirkpatrick Associates.

No “Anything like this that shows an increase in commission paid to advisers just means we have to go further out of our way to justify ourselves and it is not an incentive to do business.”
-Jim Kyle, J & H Kyle Insurance Consultants

No “We are fee-based and have had no problems or complaints, work in an open and transparent manner that the clients fully understand and write investment business on a regular basis. I am not sure what exactly Norwich Union is offering that will enhance any benefit to the client during the sales process. It is interesting but perhaps unnecessary.”
-James Emerson, County Partners

No “We have to look at everything very carefully and the hand has to fit the glove. It is irrelevant whether people pay us commission. It may sound like a grand idea but you have to have a level head.”
-Douglas Hardie, Medical Life

No “You have to be careful when commission is offered as it is no good getting caught out if the commission is high but the product is not suitable.”
-Neil Murray, Direction Finance

No “It would not make any difference to the business I write. I do not do it for the money.”
-John Haslam, Concept Financial Services

Money Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX.

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