Holloway Friendly has announced a 14% rise in new business commission rates for advisers on all income protection products.
The friendly society is to increase commission for on-line submissions to 160%, from 140%, on both Purely IP plans, Classic plus and its newest product Essential Illness IP.
Holloway Friendly has introduced this increase in adviser commission with no rise in premium for their clients.
Mat Manser (pictured), sales and marketing director for Holloway Friendly, said: “Holloway Friendly has kept its premium rates the same over the last five years, which has been achieved by efficient use of technology in new business and underwriting, but we understand the cost of providing advice has increased.
“It is only fair that we recognise the increased commercial pressure on our intermediary partners and share some of that burden. We are able to do that, without increasing our premiums, due to the way we are run, and our mutual status.”