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Important update
    Changes to future finance agreements

    Due to some business changes, a number of customers won’t be able to take out finance agreements with Close Brothers to cover the cost of their insurance policies in the future. This change will not happen immediately, and we will be working with brokers over the next 6-12 months to organise a smooth transition. This does NOT impact any current finance agreements OR existing insurance policies.

    Find out more

    New commission disclosure and consent obligations

    Following the recent Johnson, Wrench and Hopcraft Court of Appeal judgment, we have decided to put in place new disclosure and commission consent arrangements to mitigate potential future risks for us as a lender and to support brokers in mitigating their own risks.

     

    The new disclosure will ensure customers are informed of the following:

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    1. The relationship between us and the broker
    2. The existence of commission
    3. The nature of the commission
    4. The amount of commission the broker will receive
    5. The method we use to calculate the commission amount

     

    We’re developing a new digital solution for checking commission disclosure, that will be delivered by mid-December. This will be a simple, easy and compliant solution, for both personal and commercial lines brokers, which will be applied for bordereau and non-bordereau business. 

     

    On this page:

    What does this mean for me?


    New consent process for non-bordereau business


    In the meantime, we are introducing a Commission Disclosure Consent (CDC) form, which will be used for non-bordereau, commercial lines business from Monday, 25 November 2024. The CDC form will need to be used for all UK new business applications and renewals loaded from this date.  Any new business or renewal applications without a CDC form, after this date will be automatically rejected.


    Let’s look at this journey:

    1. Client is interested in premium finance, so you complete section 1 of the CDC form (available here to download)
    2. You email the CDC form to the customer and they complete section 2, including a wet signature, and return the form to you
    3. You send the form to us at CommercialNewBusiness.Mailbox@closebrothers.com and retain the form as evidence of the informed consent
    4. You process the premium finance application as usual to CBPF

    Download the Commission Disclosure Consent (CDC) Form

    Click the button below to download the CDC Form, for non-bordereau business

    CDC Form

    Download the CDC Form Broker Guide

    Click the button below to access the CDC Form Broker Guide.

    CDC Broker Guide