Secret Commission judgment ‘McWilliam v Norton’
The Court of Appeal today handed down its long-awaited decision in McWilliam v Norton Finance. The appeal concerned the non-disclosure of commission received by a broker (Norton) in the context of arranging finance and PPI for Mr and Mrs McWilliam. The Court of Appeal found that the broker owed the borrowers a fiduciary duty (even in the context of a non-advised sale). Receipt of the commission was a breach of fiduciary duty, since only the fact (and not the amount) of commission had been disclosed.
Read a summary of the decision here.