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Arc Legal Group (Arc Legal), the specialist provider of ancillary insurance products and services...
The Ministry of Justice (MoJ) has recently announced proposals to cap court costs for personal injury claims; a move which is widely believed will remove the income that can be generated by such claims, and help to end the payment of referral fees.
The proposals include court costs being capped at Â£500 for Road Traffic Accident claims that are valued at less than Â£10,000.
Richard Finan, Director of Arc Legal has suggested that these proposals will effectively remove the profitability of such claims for brokers and claims firms. The lack of financial incentive will assist in eliminating referral fee payments from the personal injury claims process, and lead to a likely drop in claim numbers.
Richard was speaking to Insurance Times. The full article can be found on their website at www.insurancetimes.co.uk.