The Irish Independent reported on Thursday that the practice of offering incentives such as free holidays or cash to insurance advisers who sell a large amount of business for one financial service provider, is being scrutinised by the Irish Central Bank.
'It is something we are looking at. We have been in touch with brokers' representatives and the Irish Insurance Federation and the Department of Enterprise Trade and Employment,' an unnamed Central Bank spokesman told the newspaper.
'The question is, if selling this product pushes the broker over the target for getting over-ride commission, does this match up with our requirement that he acts in the best interest of customers?'
However, the Independent's source admitted that the investigation into the issue is still 'at a very early stage'.
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