Notice to our customers of early closure
Due to the current inclement weather affecting South Yorkshire and surrounding areas today please note that our offices will close at 3.45pm today.
We apologise for any inconvenience and will be open as normal tomorrow
IFM proud to announce
IFM are delighted to announce the arrival of two new members of the team.
Steve Blunt has joined the firm as Senior Broking Manager and takes over from Simon Hall in the New Year. Simon is off to pastures new helping his wife to run their highly successful Clothing Manufacturing firm. Simon goes with our sincere thanks for many years unstinting service and contribution to the business and we send him on his way with our very best wishes for the future.
Steve is Simon's more than able replacement. He joins us with a wealth of over 20 years commercial broking experience gained with two highly respected firms. IFM's Managing Director, Mark Barlow said, 'we are delighted to have secured someone with Steve's undoubted wealth of knowledge and experience to lead the Commercial team into the next phase for the business. I have worked with Steve before and I am fully aware of his outstanding qualities. He has big shoes to fill but we are delighted he has agreed to join us and we have no doubt he will fill those shoes amply'.
Our other newcomer is Vicki Mastrototaro who is joining our busy VIP Personal Lines team.
Vicki has more than 15 years experience gained in various personal lines brokers across the region. She will be a welcome addition to the hugely capable and dedicated existing personal lines team under the stewardship of Sandra Staniforth.
Operations Director, Darryl Carpenter added, we have been very fortunate to have found someone of Vicki's undoubted ability and experience to add to the current team. We have no doubt her knowledge, background and personality will only further strengthen the service we are giving to our VIP Personal Lines customers and I know Sandra and her team are delighted to have Vicki on board.
Christmas & New Year Best Wishes
A huge thank you to all our clients new and not so new for supporting us again in 2017.
We hope you and yours have a wonderful peaceful festive period and a healthy and prosperous 2018. Here are the details of our opening hours over the holidays just in case you need us.
IFM welcomes Civil Liability Bill to combat bogus whiplash claims
IFM Insurance Brokers Ltd has welcomed the Civil Liability Bill, which was announced in the Queens Speech last month.
The Civil Liability Bill is expected to reduce annual motor premiums by about £35 per year by taking a tougher approach on bogus whiplash claims. The Bill will ban offers to settle claims without the support of medical evidence and introduce a new fixed tariff of compensation for whiplash injuries with a duration of up to 2 years.
Leading insurer Aviva, recorded a 9.5% increase in the number of fraudulent claims it declined in 2016, fuelled by increases in fraud detection across motor bodily injury, household and liability claims. Aviva detected more than £85m of insurance fraud last year, or £232,000 worth of bogus claims every day. Whiplash fraud remains the biggest concern for insurers.
Mark Barlow, Managing Director of IFM Insurance Brokers said, “The Civil Liability Bill is good news for the majority of law abiding motorists. They have suffered because the criminal action of a few who seek to make money by submitting bogus claims. So its time to get tough and the Civil Liability Bill will do just that”.
Insurance Premium Tax due to rise again - statement from IFM
Important notice to all clients
Changes to Insurance Premium Tax (IPT)
In the Budget in March 2017, the Government confirmed a further increase in the rate of Insurance Premium Tax (IPT) first muted back in the Chancellor’s Autumn Statement. Despite concerted lobbying by the British Insurance Brokers Association (BIBA), the Association of British Insurers (ABI) together with other interest and consumer groups, the Government have steadfastly refused to reconsider the increase in the standard rate of IPT.
This is the latest in a catalogue of increases in IPT over recent years for the Tax first introduced back in 1997 as the table here demonstrates.
1 April 1997 to 30 June 1999 - a standard rate of 4%
1 July 1999 to 3 January 2011 - a standard rate of 5%
4 January 2011 to 31 October 2015 - a standard rate of 6%
1 November 2015 to 30 September 2016 - a standard rate of 9.5%
1 October 2016 to 31 May 2017- a standard rate of 10%
From 1 June 2017, the standard rate will be 12%
The latest change means the standard rate of Insurance Premium Tax (IPT) has doubled in less than 2 years. Those policies that are currently subject to the higher rate IPT @ 20% like Travel Insurance will remain at that level.There is no alteration to those policies which are subject to Value Added Tax (VAT) as opposed to IPT.
Any new policies or renewals incepted after 1st June 2017 will attract the increased duty. Any mid-term adjustments or alterations which result in a change in the annual premium will also be subject to the new duty irrespective of the policy renewal date.
We sincerely apologise to all our clients for the increase however as you will appreciate we and your insurers have no alternative other than to charge the new rates on behalf of the Exchequer.
Darryl Carpenter - Operations & Compliance Director
IFM Insurance Brokers Ltd