When you take out a loan using a Broker or an Independent Financial Adviser, you put your trust and confidence in that person and expect that the advice that they give will be in your best interests and taking into account your personal circumstances.
In most circumstances you will have paid a fee to the Broker for their services. Unfortunately, some advisers have failed in their duty to their clients by giving advice that was motivated by their own interests and specifically motivated by the amount of commission that they would receive from a particular lender if their client took out a loan with that lender.
If the amount of commission that a broker receives from a lender is not disclosed to the client, then it is considered to be a ‘secret commission’ and this can give rise to a claim against the Broker and/or lender for compensation.
If you have taken out a loan using a broker or IFA and you were not informed that the Broker would receive a commission payment, then we would urge you to contact Oakwood Solicitors who will be happy to advice you whether you have a claim.
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Excessive Fees and Charges – Secured Loan Claims
Irresponsible Lending Claims
Secret Commission Claims
Before 2008, one of the predominant practices in the mortgage and secured loan industry was to pay a mortgage and credit brokers commission payments for introducing prospective borrowers to them. Generally, mortgage and credit brokers would also, in addition to a commission payment, be paid a fee by the borrower. This fee paid by the…
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