The landlord insurance and payment protection insurance provider also announced it was giving a “Cast Iron Trail Commission” guarantee which will apply to the life of the policy even if the broker has retired in the meantime.
Shane Craig, managing director at Paymentcare, said that the initiative was likely to be welcomed by brokers who had seen their commission levels slashed by policy providers recently.
“Given what has been going on in the marketplace recently, it’s clear that brokers - who are historically the underdogs against the big boys - have finally had enough.
“I would urge all brokers to be pro-active and to seek out the best deals for their clients and re-broke.
“If that means lower premiums for the same or comparable cover and guaranteed enhanced commission terms for the broker, then it’s a complete win – win situation.”
Craig said brokers should obviously only switch policies if they could justify that it was in the customer’s best interest and in line with treating customers fairly.
“Furthermore we have galvanised our already clear Lifetime Trail Commission Guarantee with an option to explore commission buy-outs if any future law or regulatory ruling were introduced that prohibited Paymentcare.co.uk from continuing to pay trail commission, for whatever reason,” he added.
“We were established as a B2C business but had so many brokers contact us to ask if they could have access to our policies, so we are in the reverse position to that of some others.
“The fact that we do not cross sell to brokers’ clients, and will continue to pay an extremely competitive 30% commission on our landlords’ B2L policy should make our deal a no brainer for brokers.
“We will also continue to pay 28% commission on buildings and contents insurance and mortgage payment protection insurance and also offer short term income and loan policies - something that sets us apart from our competitors.”
