Close Brothers reverses premium finance commission disclosure requirement
Close Brothers Premium Finance has u-turned by cutting the need for brokers to get customers’ explicit consent to commission arrangements.
The change will take effect from 10 March.
Close Brothers previously made the shift from 25 November 2024, requiring consent from commercial customers for broker commissions for premium finance.
In a further update a month later, the provider announced plans to launch a new digital solution to help brokers fulfil their commission disclosure consent obligations which were widened to personal lines.
Court casesThe original change came about after a ruling in the Hopcraft v Close Brothers Ltd, Johnson
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