Finance commissions

legal updates

Have you been contacted with demands to payback commission for any reason?

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It seems to have been a busy time for a very heavily used finance company recovering commission from many of our clients.

If you have been contacted with demands to payback commission for any reason on deals you have done then it is always worth sending it over to us.

It is usually the case that the finance companies will contact clients who are no longer dealing with them.

In a number of recent cases we have successfully managed to argue that the amounts claimed by the finance company are irrecoverable or negotiated the amount to be returned down significantly.

You will find in the terms and conditions of the finance companies that commission is recoverable in a number of circumstances including non-introduction of business, payment default or voluntary termination for example.

Whilst they may like you to think the money is instantly recoverable that is not always the case and we are happy to assist should you find yourself in that scenario.

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Related Legal Updates

FCA Commission Review: Separating fact from fiction in the wake of scaremongering

Attend a complimentary seminar hosted by the FCA for first-hand information – Scheduled for Wednesday, 24 January 2024.

The FOS reports over 10,000 motor finance complaints: Are we really surprised?

The good news currently is the FCA is focussing its attention on the lender and not our members.

Another victory, but the problem has still not gone away!

The FOS confirmed in the article they had not yet published any final decisions on commission-related complaints.

Small Claims – Paying the Cost(s)

When we tell you to settle claims with finance companies because it is too financially risky to go to court, this particular exemption will often be the reason for our advice.

In? Out? Let the court shake it all about!

Costs can be awarded against a party in a small claims hearings if the judge feels that a party has conducted themselves unreasonably.

Not registered as having outstanding finance

A failure to record a new interest or delete an expired one can result in customer complaints, reputational damage and costly legal proceedings.

Consumer Duty: What will it mean?

We suggest you contact your product and service providers that are FCA regulated to ensure you are aware of these changes.

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