Don’t forget to disclose the commission
I’M sure you need little reminding that brokers offering regulated funding need to disclose the commission they are making. The reason for saying this is that a mortgage broker failed to do so in the Wood vs Commercial First Business case. It allowed for the rescission (cancellation) of the credit agreements.
If you are in any doubt over this – the regulations for which were changed at the beginning of this year – head over to read the BVRLA’s factsheet Affordability and Pre-contract Transparency to give yourself a timely reminder.
Have a good business week.
Ralph Morton, editor
Key stories this week:
- QV Systems and MotorLease add support to BVRLA Leasing Broker Conference
- Leasing Options scales up head count on back of sales success
- Read the rest of the newsletter here: Broker News, 17 August 2021
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.