Secret Commissions - The Latest Case Law & Guidance for Financial Services

Introduction

Since the advent of the PPI mis-selling scandal, the law on secret commissions has taken centre stage in legal developments.

There have been several high-profile cases which have shifted the way in which commissions can legally be paid.

This new virtual classroom seminar will cover those developments, including the law on unfair relationships, secret commissions and what claims may or may not succeed.

The session is aimed at legal practitioners and in house counsel who may be involved in issues which relate to the payment of commissions.

What You Will Learn

This live and interactive session will cover the following:

• What are commissions?
• Definition
• Main industries they are found in
• Typical structures that may be found (concentration on uplift commission structures)
• Relationships with those who earn commissions
• What is a credit intermediary?
• Fiduciary relationships
• History of commissions
• Secret commissions as a bribe
• Fraud?
• Regulation
• Provisions governing payment of commissions in FCA Handbook (CONC)
• Should the consumer always be informed of commissions?
• Secret commissions - caselaw
• Hurstanger Ltd v Wilson
• Plevin v Paragon Personal Finance Ltd
• McWilliam v Norton Finance (UK) Ltd (in liquidation)
• Wood v Commercial First Business Ltd & Ors and Business Mortgage Finance 4 plc v Pengelly
• Canada Square Operations Ltd v Potter
• Half-secret v fully secret commissions
• Remedies
• Disgorgement of commissions
• Rescission as of right?
• Account of profits
• Limitation - deliberate concealment?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.