Mortgage brokers are being warned they could face fines of up to 10% of annual turnover or £300,000 under new rules banning fake and misleading online reviews, following enforcement of the Digital Markets, Competition and Consumers Act 2024.
The legislation makes it illegal for businesses to post fake reviews, suppress genuine negative feedback, or present testimonials in a misleading way. Firms are also expected to take proactive steps to monitor review activity rather than relying solely on third-party platforms.
Industry commentary highlights that many businesses may already be exposed to risk if historic reviews remain unaddressed, as regulators now have powers to issue penalties directly without court action.
Read the full article here: Mortgage brokers risking £300,000 fine under new fake review laws
