SAR and secret commissions

Portofino_2

Hi

Just wondered - when requesting info under a SAR, has anyone received any info on secret commissions?

For example, my with one of my CCs I am sure the PPI is provided by a 3rd party insurer. I am thinking there must be some profitable relationship between the bank and the PPI insurer but nothing like that has ever been disclosed in a SAR request. If this is the case, then arguably we should be going after them for the non disclosure of the secret commission (as per brokered loans).

Has anyone tried this?

Thanks!

di3004

Portofino wrote: »

Hi

Just wondered - when requesting info under a SAR, has anyone received any info on secret commissions?

For example, my with one of my CCs I am sure the PPI is provided by a 3rd party insurer. I am thinking there must be some profitable relationship between the bank and the PPI insurer but nothing like that has ever been disclosed in a SAR request. If this is the case, then arguably we should be going after them for the non disclosure of the secret commission (as per brokered loans).

Has anyone tried this?

Thanks!

Hi hun;)

Up to now I haven't.

Not sure about anyone else, maybe the ones who have will post up, good luck hun X

dunstonh

I am thinking there must be some profitable relationship between the bank and the PPI insurer

The secret commissions thing wouldnt apply to tied companies as they are selling their own product or that to which they are tied to (if using a different brand).

then arguably we should be going after them for the non disclosure of the secret commission (as per brokered loans).

Of which there has only been one successful case and that was because the broker in that case was not tied and took a fee for arrangement of the loan as well as taking a commission for which the amount was not disclosed. Had it been fee only or commission only then the outcome would not have been the same.