GE denies claims about advisers’ commissions

GE Money Home Lending has refuted accusations that advisers failed to disclose commission payments on a number of its sub-prime mortgages and loans.

It has been reported that claims firm Loancheck has documents showing that commission was not disclosed on two cases by GE subsidiaries.

Loancheck has confirmed to Mortgage Strategy that it has other cases against GE, which it is believed it will take up when it launches officially in September.

However, GE claims Loancheck does not have a case against it.

A spokesman for GE Money Home Lending says: “We have liaised exhaustively with our legal and compliance departments in relation to the Loan-check claims.

“Our conclusion is that GE Money Home Lending has acted properly and lawfully.”

But a spokesman for Loancheck says: “The information provided by GE under the Freedom of Information Act would prove otherwise.”