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Agent – Secret commission. The appellants had taken out a loan arranged by the respondent credit broker. The respondent had received additional commission payments from the loan company and the payment protection insurer. The appellants had issued proceedings alleging that the respondent, in breach of its fiduciary duty owed to them, had received the additional commissions without having informed them either as to the fact of payment or as to the amount. The recorder dismissed the claim. The Court of Appeal, Civil Division, allowed the appeal and held that there had been a fiduciary duty owed by the respondent to the appellants and that they had not given their informed consent to the additional commissions. Accordingly, the respondent was ordered to make an account of those payments to the appellants.
Agent – Secret commission. The appellants had taken out a loan arranged by the respondent credit broker. The respondent had received additional commission payments from the loan company and the payment protection insurer. The appellants had issued proceedings alleging that the respondent, in breach of its fiduciary duty owed to them, had received the additional commissions without having informed them either as to the fact of payment or as to the amount. The recorder dismissed the claim. The Court of Appeal, Civil Division, allowed the appeal and held that there had been a fiduciary duty owed by the respondent to the appellants and that they had not given their informed consent to the additional commissions. Accordingly, the respondent was ordered to make an account of those payments to the appellants.
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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