Update: Axa stands alone in its voluntary ban on referral fees
Insurers have said they are not prepared to follow Axa’s lead in the banning of referral fees for personal injury.
After repeatedly calling for the banning of referral fees, Andrew Torrance, CEO, Allianz Insurance has said the situation will only be solved by an industry ban.
Mr Torrance told Insurance Age: "This issue will only be effectively eradicated if there is a market-wide solution and I believe this is most likely to come via regulation or some other mandatory instrument.
"This regulation needs to be drawn broadly enough to prevent current payers of referral fees adjusting their business models to
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