Undisclosed (or secret commission)
What do we mean by undisclosed or secret commission?
In a recent court case, it was ruled that a failure by a lender to tell the customer about high commission it paid the advisor made the relationship between the lender, the advisor and the customer unfair.
Have you been advised to buy a financial product (loan or mortgage) that paid high commission you were unaware of?
It’s sadly true that many financial advisors, accountants and brokers have earned substantial commission from lenders and not told their customers about it. The courts have said this causes them a conflict of interest as they should always work in the best interests of their clients and the receipt of such commissions from a lender may result in them favouring a lender over a more suitable one.
You can get a refund for the secret loan commission
The bottom line is that non disclosed or secret commission paid by your mortgage or loan broker must be repaid as compensation to you and interest must also be added.
If you think you have a valid claim contact us today..
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We charge 20% +VAT on compensation awarded. After instructing us you can cancel our services within 14 days without charge. You can claim yourself for free either to the person against whom you wish to complain or the relevant statutory ombudsman (providing where applicable you have contacted the company/person in question first).
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