PPI provider offers 30% commission


Online payment protection insurance (PPI) provider Paymentcare is offering a 30.8% commission to brokers who switch clients' policies to one of its products.

This comes after redress paid by banks to consumers who were wrongly sold PPI hit £1bn in December in the wake of the PPI mis-selling scandal. Paymentcare already pays 28% commission on mortgage PPI and buildings and contents insurance business. It is now offering a 10% increase on its usual commission rates for brokers who transfer policies from other providers to Paymentcare. Paymentcare also pays 20% commission on short term income protection, or 22% to brokers transferring clients from rival providers. Shane Craig, managing director of Paymentcare, said: "I urge all brokers ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes



Already a Professional Adviser member?


More on MPPI

Longevity - If the genes fit...

Ever wondered why females tend to outlive males? Is gender a ‘short-cut' - a proxy to behavioural differences? Eli Friedwald takes a tour of the competing theories trying to explain the difference in life expectancy between the sexes

Eli Friedwald
clock 26 September 2011 • 7 min read

PPI redress hits £215m in H1

Payment Protection Insurance (PPI) complainants received a total of £215m in redress in the first half of 2011, the Financial Services Authority (FSA) has revealed.

clock 30 August 2011 •

PPI mis-selling crisis strikes Ireland

The Irish Central Bank has launched an investigation into the mis-selling of payment protection insurance on loans.

Liz Mc Mahon
clock 16 August 2011 •