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Credit brokers are companies that help people find loans, sometimes for an upfront fee. We hear from people who think it’s unfair they’ve been charged fees by one or more credit brokers – when they haven’t actually got a loan. Some people tell us the credit broker has found a loan – but that it isn’t suitable. 

need to know

  • We often hear from people who’ve put their details into credit-broking websites. Some people didn’t realise they weren’t applying directly to a lender. In many cases, we’ve found brokers haven’t given clear information – in line with the regulator’s rules. We’ll check that the credit broker clearly said whether they’re a broker or lender – and gave their legal name so people would know who to contact if there was a problem.
  • We’ll look into the information the broker gave about their fees. If the fees weren’t made clear, we’ll usually tell the broker to refund them – whether or not the broker actually found someone a loan. If the fees were clear – but someone hasn’t taken a loan – we’ll check the broker gave a refund in line with consumer credit law.
  • Some people tell us that several different credit brokers have taken fees from their bank account. We’ll check whether the broker made it clear that someone’s details might be passed on to other companies. If they didn’t, we might tell them to refund the fees taken by other credit brokers. But if we find that a fee taken by a different credit broker isn’t actually associated with the original broker we’d tell whoever actually took the fee to refund the customer.
  • Many people who contact us about credit broking are having wider financial difficulties – and having fees taken unexpectedly can cause further problems and charges. We’ll usually tell the credit broker to refund any charges resulting from unfair or unauthorised fees – as well as paying compensation for any trouble and upset they’ve caused.

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