AXA-owned broker Bluefin has joined its parent in no longer accepting referral fees.
AXA announced in June that it would no longer accept payments from personal injury lawyers.
The insurer's decision followed calls for a curb on referral fees led by former justice secretary Jack Straw.
Bluefin managing director Mike Bruce said: “As part of AXA, we followed their line and no longer take them.
"As we had only just started in this area – our legacy businesses having not been involved in claims outsourcing – the business has been cut off before it really got started.
Bruce said the move would have a "negligible effect" of the business. "Will we do anything to replace the revenue lost? Not directly. There are many other bigger issues on our radar.”
Find out how brokers would be affected by an outright ban on referral fees by visiting our Inside Broking section or by reading: Referral fees: How hard will brokers be hit?
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