Secret Commissions help please.

[di0430]

Hi there folks, not sure if I have posted on the correct thread, apologies if I have not, if so please could you tell me where to post this, thank you.

I have heard about 'Secret Commissions' and would like to find out more about this if possible, basically we have had some loans over the past few years, and it was only when requesting S.A.R - (Subject Access Request)'s that the commission for brokers was disclosed, not sure what exactly to look for on the documents we receive when we had taken out these loans and added PPI's etc.

I do remember the one company did mention they were to be paid commission, but they did not enclose the amount, other than that other brokers of other loans did not confirm anything about commission.

Any info on this will be a great help, thanks so much, I appreciate this.
And how to tackle this, thanks, all the loans are now fully settled.

Di.

[pt2537]

Hi there,

Really you need the underwriting sheet, this will disclose any commissions that are paid to the broker

you should be informed of any commissions under the agreement, failing to disclose can place the broker in trouble and give you a claim.

the principles are that a broker must act in your best interest, he must ensure that you are given the best deal for YOU not HIM

if the broker does not do so, he is in breach of his fiduciary duty

there has been a large amount of case law on this, Wilson and Hurstanger is a good case to read for Secret commissions

regards

Paul

[di0430]

Originally Posted by pt2537

Hi there,

Really you need the underwriting sheet, this will disclose any commissions that are paid to the broker

you should be informed of any commissions under the agreement, failing to disclose can place the broker in trouble and give you a claim.

the principles are that a broker must act in your best interest, he must ensure that you are given the best deal for YOU not HIM

if the broker does not do so, he is in breach of his fiduciary duty

there has been a large amount of case law on this, Wilson and Hurstanger is a good case to read for Secret commissions

regards

Paul

Hi Paul
Thank you ever so much for your feedback about Secret Commissions, this is very interesting.
I have a few S.A.R - (Subject Access Request)'s here regarding secured loans from 2003 onwards, does this also count for unsecured loans ?
In the Subject Access Request's its only because of these I seen the amount but was not informed about this by at least one of the brokers.
There was one for about £4.600 commission and a smaller one of £1650 on another, but I did not have this on any of my paperwork when taking these loans, although I do recall on just one of them said they are commission paid but not the amount etc and who by.

How would I tackle these ?
I have paid off all loans now, the last one was due to remortgaging, that was last August 2007 when we done this.

Again thank you, I would not have known anything about this but was interested when I came across this info on the Subject Access Request's.

Di.
xx