Paymentcare pledges to maintain broker commissions

Shane Craig, managing director at Paymentcare, said: “The fact that we do not cross sell to brokers’ clients, pay commissions for the life of the policy, unless any future regulatory change prohibits it, and don’t charge the policyholder a monthly admin fee just for having the policy sets us apart from our competitors.

“We continue to pay an extremely competitive 30% commission on our landlords’ buy-to-let policy, and 28% commission on our Buildings & Contents and MPPI policies.”

Craig said that with the downturn in the property market it was clear that many providers were feeling the pinch.

But he added: “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.

“Brokers, like most of us, need to have an idea of how much income is coming in from their policy sales, at least with they will know where they are, as we are completely transparent in our terms and conditions, and will not be looking to the small print to trip up our broker clients.”