Legal analysis: Brokers should rethink fee structure in light of duty of care ruling
The ruling earlier this month in which a judge in the Royal Court of Jersey awarded damages of £528 500 against a leading insurance broker demonstrates that perhaps brokers need to charge more for their services as well as reconsider their role and responsibilities in regulatory compliance deliberations.
The judge criticised the automated quote engine sales and process as being more in the interests of the broker and the insurer than in the interests of the policyholder.
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