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The banning of referral fees for some personal lines brokers is likely to have a significant impact.
Richard Finan believes brokers that generate income from such fees will need to either plan for the loss of this revenue line or consider whether an Alternative Business Structure (ABS) is a feasible way to continue to generate income from personal injury claims.
However, as an ABS is only viable for larger referrers of injury claims some brokers may lose out. Richard indicated that broker networks may be able to offer ABS solutions at the smaller end of the scale.
Richard was speaking to Post Magazine. The full article can be found at www.postonline.co.uk.