Of Ambulance chasers and Estate Agents
Last year we reported the OFT was worried about the referral fees or “kick-backs” many Estate Agents get paid by suppliers of conveyancing and other services. We showed how these combined with others such as “Sign-up” and “Withdrawal” fees meant that many agents were actually generating a healthy income without selling their Clients’ houses. The story was not well received by one of our competitors who actually rang up anonymously to complain about it! So it’s interesting to see “kick backs” making the headlines again. This time its the millions of pounds Insurers trouser from so-called ambulance chasers. Politicians are calling for a ban. However, at least there is a degree of transparency around these arrangements. For example, one insurer tells its customers that its “Preferred provider” pays £3.00 for every policy issued. If you do the sums that equates to £3.3 million pounds a year and an average of nearly £700 per accident claim referred. Ambulance chasers more ethical than Estate Agents?……… Surely not!
Compliance Officer for Legal Practice
Andrew oversees the Firm’s Quality Systems and is committed to making sure that our client’s receive the very best customer care and attention along with the best marketing and legal advice in the area.
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