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 be pro-active and to seek out the best deals for their clients and re-broke.

"Obviously brokers will only do this if they can justify it was in the customers best interest and in line with TCF."