life insurance Brokers operate between you and the life insurance Company - organising
the insurance on your behalf, and taking commission from the insurance companies for selling
insurance policies.
Some brokers take a fee from the customer instead, a practice that The Financial Services
Authority prefers. However, VAT is charged on fees whereas there is no VAT on commission,
which means that commission works out cheaper. For this reason, most Internet based brokers
use the commission system.
All Insurance Brokers are regulated by the Financial Services Authority - for
more details we recommend you visit the Financial Services Authority's web site at www.fsa.gov.uk
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