The increasing problem networks face chasing commission clawbacks has been brought to the fore after Your Mortgage Options (YMO) was ordered to pay back commission fees to insurance firm CETA following a court ruling.
Industry figures have highlighted the case as an example of a growing issue networks face as brokers increasingly turn away from mortgage business, earning more from indemnified commissions on insurance business. CETA commenced legal proceedings against YMO last year after complaining the firm had not paid back commission fees. The network has now been ordered to pay back £24,000 in claw-backs and legal costs. YMO has yet to make contact with CETA over the payments and the firm has since informed the FSA about the situation. Adrian Waters, director at CETA, revealed it was in the proc...
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