Secret Commissions - The Current Position for Financial Services

Introduction

Financial transactions may be multi-party, and involve intermediaries, agents, or other fiduciaries, who require payment.

If a civil bribe or secret commission is paid, this may lead to the unravelling of the transaction and liabilities.

The regulatory context is important.

This new full day course will equip you with the latest knowledge and guidance as to the law in respect of secret commissions in the context of financial services.

What You Will Learn

This course will cover the following:

• Scenarios and arrangements in which the issue of secret commissions may arise
• The history of the civil bribe jurisdiction
• The requirements for a secret commission
• The scope for half-secret commissions
• The regulatory context in respect of financial services, including provisions of the FCA Handbook (CONC 4.5)
• Remedies against the agent, fiduciary, or intermediary
• Remedies against the lender or contracting party
• Rescission, and counter-restitution
• Defences
• Limitation
• Future directions
• Interaction with other claims