At Clear Law, we are experts in group litigation involving claims for undisclosed commission payments. This is where lenders have failed to disclose commission payments that they made to brokers who provided new business to them.
A failure to disclose the existence and value of a commission paid by a lender to a broker places the broker in a position of a conflict of interest. The broker should act for his customer and in his customer’s best interests. A broker paid a commission payment by a lender, however, may be influenced to send his customer’s business to the highest bidder.
In order to enable a customer to make an informed decision about this, and whether the loan recommended was right for them, the broker should tell his customer about the commission. A failure to disclose commission payments may give rise to several types of claim and, consequently, several types of remedy. At Clear Law, we have successfully recovered in excess of £20,000,000 for over 7,500 clients in the past three years. Our significant experience means that we are well placed to advise you whether you have such a claim and, if so, what to do.
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