Banks' clawback penalties to be examined by Competition Authority

The Competition Authority is to seek evidence on whether penalties imposed by banks on mortgage brokers are in breach of competition law.

26th March, 2005

The Competition Authority is to seek evidence on whether penalties imposed by banks on mortgage brokers are in breach of competition law.

Terry Calvani, head of the cartels division at the authority, said he had “noted'‘ reports of increased penalties that might prevent mortgage borrowers switching to a new lender.

The Sunday Business Post revealed last week that individual banks have recently increased the penalties they impose on many brokers who sell their...

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