Financial Ombudsman Service newsletter issued
The Financial Ombudsman Service (FOS) has published the March/April 2016 edition of its newsletter. This edition is focused on the car industry, however there is an interesting case study about a customer who wanted to return faulty goods purchased on finance and it gives insight into how the FOS review customer complaints. http://www.financial-ombudsman.org.uk/publications/ombudsman-news/132/issue132.pdf
Customer Awareness Rules – your responsibilities
The Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) have recently reiterated the rules around making sure consumers are aware of finance complaints procedures. In short: You must make customers aware of your finance complaints process at, or immediately after, the point of sale. You have to provide your complaints process in writing […]
The new Consumer Rights Act 2015 is now in force
The Consumer Rights Act 2015 has now come into force. The Act replaces a number of laws, including the Sale of Goods Act 1979 and the Supply of Goods and Services Act 1982, giving consumers new rights to deal with faulty/not as described goods and services. For most businesses this means reviewing existing complaints handling procedures […]
CMA acts to maintain trust in online reviews and endorsements
The Competition & Markets Authority has found that online reviews and endorsements are proving useful to consumers, but it has concerns that some practices may be unlawful. In a report published today it estimates that more than half of UK adults (54%) use online reviews, and that 6% use blogs or vlogs before making purchases. […]
New FCA Handbook & PRA Rulebook issued
New FCA Handbook & PRA Rulebook issued New FCA Handbook and PRA Rulebook websites were launched on the 29th August. The CONC Consumer Credit Sourcebook, which details all the rules pertaining to consumer credit broking, can now be found here https://www.handbook.fca.org.uk/handbook/CONC/2/
Consumer Rights Act 2015 comes into force on 1st October
Consumer Rights Act 2015 comes into force on 1st October Consumers will have new rights from 1 October 2015 to deal with faulty/not as described goods and services. For most retailers this means you will need to review existing complaints handling procedures and ensure your customer service people are aware of and understand the legislation […]
Consumer Rights Act 2015 comes into force 1st October: Is your business ready?
Consumer Rights Act 2015 comes into force 1st October: Is your business ready? The Consumer Rights Act 2015 comes into force in less than six months, and its important businesses understand how their responsibilities and consumer rights have changed. The new legislation will replace a number of pieces of business-to-consumer legislation, including the Sale of […]
FCA Update: Instalment Exemption
FCA Update: Instalment Exemption Under specific circumstances businesses who are offering or broking interest free credit do not need to be registered with the FCA. These rules on instalment exemption have recently been extended by the Government. From 18 March 2015 businesses offering interest free credit can increase the maximum number of instalments from 4 […]
Latest FCA Consumer Credit Fee Information
The FCA’s website has been updated following its annual consultation on consumer credit fees. The 3 types of fees charged by the FCA: 1. Authorisation application fee Firms have to pay a non-refundable application fee when they apply for authorisation. The application fee that a firm offering consumer credit has to pay depends on the size of its […]
Does your website comply with the Companies Act?
Many firms don’t fully understand their obligations under the Companies Act and are potentially risking a fine. But the amendments businesses need to make to websites are simple and should only take just a few minutes… Registered UK companies must include certain regulatory information on their websites and within email footers. This has been a […]