Paradigm Protect: we will never offer loaded premiums

In a statement today, Paradigm said it has "noticed a number of distributors increasing the premium rates paid by clients in order to offer higher commissions to advisers, which makes them less competitive when offering their propositions to customers".

Mike Allison, Paradigm’s Head of Protection, said: "We know Paradigm Protect members are very concerned about this and are taking this opportunity to reiterate that Paradigm does not, and will not, introduce loaded premiums in order to attract higher commission terms.”

Paradigm Protect runs two panels, Whole of Market and the Elite Choice. The Elite Choice panel offers member firms enhanced terms and commissions and is currently comprised of seven providers.

Paradigm's statement comes as it announces the addition of LV= to its Elite Choice panel. LV= offers life insurance, critical illness cover, business protection and income protection.

Mike Allison added: “We listen closely to what Paradigm member firms tell us and look to act on their feedback which is why we have added LV= to our Elite Choice panel.

“Paradigm Protect members will benefit from that support and, crucially to us, will receive amongst the best terms in the market via its most competitive premium rates.