Barclays loses – c’mon Premium Credit! High Court confirms - CONC 4.5.3R requires credit brokers to disclose their exact commission in all sectors.
The High Court has confirmed that CONC 4.5.3R requires credit brokers to disclose their exact commission. Just to be clear, paragraph 179 of the judgment states that the disclosure is not just relevant to motor finance, it is relevant to other sectors, which will include insurance premium finance.
Close Brothers Bank, Investec Bank and Bexhill UK require their brokers to disclose commissions. Premium Credit has stated it does not require disclosure as the case law is only relevant to motor finance. Perhaps not.
It is the Insurance Broker’s risk and decision. The High Court decision is clear, CONC 4.5.2R requires insurance brokers to disclose their exact premium finance commission.