Monday July 13, 2020

Insurance: Friends First warns against banning commission

Broker consolidation is inevitable if commission is banned in Ireland, according to a senior executive with Friends First.

20th April, 2013

Broker consolidation is inevitable if commission is banned in Ireland, according to a senior executive with Friends First.

Brian O'Neill, strategic marketing director at Friends First, said that regulatory trends across Europe indicated that remuneration for Irish brokers providing financial products and services would in the future come from fees, not commission.

"At best, brokers will face far more onerous disclosure rules on commission," he said. "Or at worst, commission will be banned." He said...

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