Misleading websites that try and palm themselves off as legitimate Government services are to come under the spotlight from Trading Standards today as Consumer Minister Jenny Willott confirmed extra funding for them to help tackle these rogue traders.
The Minister has committed an additional £120,000 this financial year to National Trading Standards Board (NTSB) so they can investigate these websites. This money will help NTSB also tackle websites that exaggerate the nature of the services they provide or deliberately underplay that people can get them for free or at a lower cost from official sources.
The extra funding for NTSB will mean that they are better equipped to identify, investigate and take enforcement action against any misleading websites that pass themselves off as official Government services.
via News item – Trading Standards Institute.
The OFT has suspended the consumer credit licence of Micro Lend UK Limited (Micro Lend), an online payday lender based in Colindale, North West London. This is the first time the OFT has suspended a payday lender’s credit licence and is part of its ongoing action in the sector.
The OFT took this step after concluding that suspending the licence is urgently necessary to protect consumers. The suspension means it is now a criminal offence for Micro Lend, or any other person, for example an employee of Micro Lend, to engage in any consumer credit or credit broking activity using the company’s credit licence. This press notice has been issued to inform consumers and other consumer credit businesses. The principal place of business for Micro Lend is Unit 3, Colindale Business Park, 126 Colindale Avenue, London, NW9 5HD.
Micro Lend has been invited to make representations to the OFT by 24 March 2014. If representations are made, the OFT’s Adjudicator will take into account the representations and decide whether to confirm the suspension (with or without variation) or withdraw it.
via OFT suspends credit licence of online payday lender – The Office of Fair Trading.
The Financial Ombudsman Service today releases the latest six-monthly complaints data relating to individual financial businesses – including the high street banks and biggest insurers.
The data published on the ombudsman’s website details complaints received and resolved by the ombudsman service between 1 July and 31 December 2013. This includes:
the number of complaints received about named individual businesses; and
the percentage of resolved complaints the ombudsman upheld in the consumer’s favour against those businesses.
The figures published today show that the ombudsman took on a record 575,836 new cases in total in 2013 – this was an increase of over a third (38%) on the previous year (2012).
via ombudsman publishes complaints data on individual financial businesses.
To complain about being mis-sold a PPI policy, you first need to contact your bank or the financial business that sold you the policy.
You don’t need to use a claims manager. They won’t get you a faster or different result. But they will take a significant proportion of any compensation you might get.
You’ll need to give the financial business as much information as you can about your complaint. It might take you a bit of time to remember all the facts – and to find the paperwork. But using the standard PPI questionnaire (Word or PDF version) will make it easier for you to organise and write down the main facts of your case.
Your bank or financial business should respond within 8 weeks. And they should pay you promptly if they owe you any compensation.
But if you have your PPI complaint turned down by the financial business – and you don’t agree with the reasons they give you – you can come to the Financial Ombudsman Service for an independent review of your case.
The Financial Conduct Authority (FCA) has confirmed the final rules that will govern the £200bn a year consumer credit market, which includes approximately 50,000 firms, from 1 April 2014.
The new rules will result in changes for how payday lenders and debt management companies treat their customers including mandatory affordability checks for payday borrowers and giving the FCA the power to ban any misleading adverts from payday lenders.
Martin Wheatley, the FCA’s chief executive, said:
“Millions of consumers access some form of credit each day, from paying for everyday goods by credit to taking out a payday loan. We want to be sure that the market works well when people need it – whether that’s for one day, one month or longer.
“Our new rules will help us to protect consumers and give us strong new powers to tackle any firm found to be overstepping the line.”
via FCA confirms tough new rules for £200bn consumer credit market – Financial Conduct Authority.