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Cancelled Car Insurance Commission
JHKE
Posts: 61 Forumite
We had commercial insurance through a broker. We cancelled the policy due to selling the van 4 months into policy. We now have a letter through saying that they have received a refund from the insurers. They then go on to say that they have deducted commission and fees (under t&c) from this amount but the refund from insurers does not cover the outstanding balance on policy and are now asking for £114.66 to be paid.
Do we have to pay this back?
Thanks in advance
Do we have to pay this back?
Thanks in advance
0
Comments
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Do we have to pay this back?
If it is mentioned in their initial disclosure documents then yes. The FSA do allow brokers to recover their costs for work done providing it is disclosed what charge they will apply. If it is not disclosed then they havent got a leg to stand on.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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