Bank to avoid competitions probe on clawback fees

The Competition Authority has no plans to call in the banks over the controversial practice of mortgage lenders imposing "clawback" penalties on mortgage brokers if customers switch to a rival lender.

11th June, 2005

The Competition Authority has no plans to call in the banks over the controversial practice of mortgage lenders imposing "clawback" penalties on mortgage brokers if customers switch to a rival lender.

In recent weeks, the Competition Authority called in brokers from the Independent Mortgage Advisers Federation (IMAF) to explain the fees they receive from banks for generating new mortgage loans and the clawbacks imposed by the banks on the brokers ifa new customer switches to...

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