Is it time to stop taking renewal commission?

Leader

The issue of renewal commission is one that outsiders to the financial services industry have always...

The issue of renewal commission is one that outsiders to the financial services industry have always struggled to understand and agree with. Last week, it was the turn of the MPs on the Treasury Select Committee who were quizzing the bosses of five of our biggest life offices - Sandy Crombie of Standard Life, Richard Harvey of Aviva, David Prosser of L&G, Jonathon Bloomer of the Prudential and Andy Haste of Royal & SunAlliance - to ask the industry to explain what exactly renewal commission is for. The answers were muted and unclear. Bloomer noted it usually paid for persistency, while Ha...