Millions deceived by mortgage professionals

The firm says some mortgage lenders, banks, insurers and financial advisers have deceived customers through secret commissions and incorrect charging of fees and interest. According to Powell Callen, a number of sub-prime cases have seen ‘secret’ commissions paid to brokers, which the Court of Appeal has classed as a form of bribe. Commenting on the issue, the Court of Appeal says: “If there has been no disclosure- the agent will have received a secret commission. This is a blatant breach of his fiduciary duty but additionally the payment or receipt of a secret commission is considered to...