Nobody likes referral fees. Nobody has ever liked referral fees. Income
derived from them may be one of the very few props sustaining many of their
embattled members, but BIBA and IIB would just as soon campaign for a return
to child prostitution as for their retention. Ditto the insurance press,
whose commitment to truth and justice far outweighs any concern for
mitigating the further contraction of their readership.
No, it is quite clearly true, as Jack Straw says, that referral fees are the
next worst thing to outright bribery and those who traffic in this sordid
commodity have willfully plunged the entire country into motor insurance
premium induced penury, emptied the roads of young motorists, brought shame
on this once proud land, etc.
Whilst this is all clearly beyond doubt, it has been rather surprising to
read in the papers recently quite how little (approximately) RFs are worth
in financial terms to all the many insurance firms who have queued up to
stress how immaterial RFs are to their business models and how they can’t
even remember how they came to accept them in the first place – something
they now find puzzling and regrettable.
No, it really is a very good thing that RFs are on their way out and that –
deprived of access to potential clients – all those personal injury lawyers
(technically, ambulance chasing hell hounds of the compensation culture)
will skulk off quietly into the shadows, tails between legs, and trouble the
pockets of ordinary decent hardworking non-injured motor insurance buyers no
Bankstone News for one certainly relishes the prospect of the bright new
fairer lo-cost motoring golden age this bold and righteous ban will surely