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Profits up at Direct Line despite fall in referral fees |
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Friday, 01 March 2013 10:42 |
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Direct Line, one of the UK’s biggest motor insurers, received £21.1m in referral fees from solicitors in 2012, it reported today.
In its annual financial statement, the insurer said revenue from referral fees fell by 24% due to a reduction in non-fault claims volumes. The receipt of referral fees will be banned from April. The company increased operating profit in its motor division from £245.8m in 2011 to £261.8. Pre-tax profit taking into account restructuring costs was £249.1m, on turnover down 10% to £4.05bn. Overall profits rose by 9.3% to £461.2m.
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Andrew Moody reveals joint RML/VBRA price fixing complaint against RBS Insurance, Akzo Nobel and ACIS to the All-party Parliamentary Group on Insurance |
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Thursday, 07 February 2013 14:38 |
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MPs hear it first! Andrew Moody reveals joint RML/VBRA price fixing complaint against RBS Insurance, Akzo Nobel and ACIS to the All-party Parliamentary Group on Insurance
Retail Motor Law and the Vehicle Builders & Repairers Association have made a formal complaint to the Office of Fair Trading accusing RBS Insurance, Akzo Nobel (the world’s largest paint company) and the paint distributor ACIS of price fixing.
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