Have you ever taken out a loan or finance on the recommendation of a finance broker or lender? Did they fully disclose what commission they would earn from the deal they were recommending?
Under consumer protection laws, a lender must be transparent and declare all fees and commissions charged as part of the transaction and brokers are required to provide proper and impartial advice. If they failed to do so, then you could be eligible to make a Secret Commissions Claim. And it could be worth £1000’s.
What is a Secret Commissions Claim?
Secret or hidden commissions occur when a finance broker, agent or other introducer, sells or recommends you take out a specific finance agreement or package with a bank or lender. If they fail to fully disclose what fees or commissions they are earning from brokering the transaction, then we can investigate a Secret Commissions Claim on your behalf.
Even if you were generically told that commission “may be paid in certain circumstances” but the exact amount and conditions were not detailed, then you may still be entitled to hidden commission compensation.