Statement on Ministry of Justice Ban on Referral Fees
Admiral Group notes that the Ministry of Justice has confirmed it will impose a ban on the payment of referral fees in personal injury cases. Admiral welcomes any action taken to curb the compensation culture that currently exists in the UK motor insurance market.
We reiterate the disclosure provided during 2011 interim results presentation:
- Admiral does not sell customer data; if one of our policyholders has a non-fault accident, suffers a bodily injury and they require assistance, we will put them in touch with a personal injury lawyer
- Personal injury referral fees account for a small proportion of profits; c6% of UK car insurance profit before tax
Admiral will consider appropriate action as and when further details of the implementation of the ban are made available.