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FCA Regulator link to reporting "unfair terms"

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  • FCA Regulator link to reporting "unfair terms"

    We all have the opportunity to use the the FCA reporting facility that follows, this could be anything on your contract that you find limits your rights or causes significant imbalance as the following notes explain:

    The Regulations set out a test for deciding whether a term is unfair. Under this test an unfair term is a term that creates a significant imbalance in the parties’ rights and obligations to the detriment of the consumer. For example, a term that allows the seller to change the terms of the contract without a valid reason and without consulting the consumer may be unfair. However, ultimately only a court may decide conclusively whether a term is unfair under the Regulations.In deciding whether a particular term does create a “significant imbalance” between the rights and obligations of the parties we may also, where relevant, take into account other potential breaches of other rules or guidance. It is also important to note that we take a risk-based and proportionate approach to regulation. When deciding whether to take action as a result of an unfair term, we consider factors such as the number of consumers who may be affected and the actual or potential harm. For example, it would not be proportionate for us to spend resources on a case where the number of consumers likely to be affected is low. In addition consumers retain the right to refer individual disputes to FOS.
    Our views on the fairness of contract terms do not affect a consumer’s right to take further action themselves, as only a court can ultimately decide if a term is unfair.

    The link;


    http://www.fca.org.uk/firms/being-re...contracts/faqs

    Use drop down menu Q14 :


    Q14: What should I do if I think I am subject to an unfair term?
    Answer:
    Where a consumer believes that a term creates a significant imbalance between their rights and obligations and those of the firm or that a term is not expressed in plain and intelligible language, they should refer the matter to the Consumer Contracts team for their consideration.
    Contact us:
    Online reporting form
    Email: consumer.contracts@fca.org.uk
    Postal address: Consumer Contracts Team, Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS
    Checklist - does your concern fall under the scope of the Regulations?
    ---------------------------------------------------------------------------------------

    A typical example of an already successfully disputed term under the UTCCR 5.1 regs ( http://en.wikipedia.org/wiki/Unfair_...gulations_1999 )

    as follows :

    “We may from time to time vary our interest rate. We may
    increase or reduce our interest rate to reflect a change which
    has occurred or which we reasonably expect to occur in interest
    rates generally or to ensure that our business is carried on
    prudently, efficiently and competitively"

    You can find these terms on your signed contracts & in my most humble opinion there are a hell of a lot of very questionable terms being used to consumer detriment.

    Please take a look at the the other bullets & use the "checklist" on Q14 if in doubt !

    If you decide to make a complaint it is most likely you will receive an automated response, its a bit impersonal but bear in mind this is a numbers game & the more information/s supplied increases the chances of actions for the benefit of all consumers.

    Have a go :director:

    Ps; it would be wonderful if you can provide any responses !








    Last edited by Fred; 29th August 2014, 16:35:PM.
    Tags: None

  • #2
    Re: FCA Regulator link to reporting "unfair terms"

    If you use the checklist

    https://fcasurveys.org.uk/votingmodu...y/314037/172a/

    and select consumer and then credit card/loan etc you get a very out of date answer.

    Unfair Contract Terms Interactive Checklist

    It seems your concerns are unlikely to fall within the FCA’s powers under the Regulations.

    The FCA can only consider referrals under the Regulations about standard-form consumer contracts issued by FCA authorised firms, or appointed representatives of such firms, that relate to contracts for regulated activities. These include contracts for:

    - mortgages and selling mortgages;
    - insurance and selling insurance;
    - bank, building society and credit union savings accounts;
    - pensions;
    - investments (including spreadbetting and contracts for difference);
    - long-term savings.

    The Office of Fair Trading (“OFT”) handles referrals about contracts relating to:

    - credit cards;
    - personal loans;
    - hire purchase;
    - other credit-related products.

    If the financial product you have concerns about falls within the OFT’s jurisdiction, you should email (enquiries@oft.gsi.gov.uk). or write to:

    The Office of Fair Trading (OFT)
    Enquiries and Reporting Centre
    Fleetbank House
    2-6 Salisbury Square
    London, EC4Y 8JX

    If you are unsure which organisation is responsible for regulating the financial product you have concerns about, please write to the Unfair Contract Terms team at the FCA. You can contact us using our Online reporting form or write to:

    Unfair Contract Terms Team
    25 The North Colonnade
    Canary Wharf
    London, E14 5HS

    If you want to refer your concerns to the FCA for reasons other than the fairness of a term in a contract you have entered, or are considering entering, into please call the FCA’s Customer Contact Centre on 0845 606 1234 or email (mailto:consumer.queries@fca.org.uk).

    We hope this information clarifies the powers the FCA has under the Regulations.

    Comment


    • #3
      Re: FCA Regulator link to reporting "unfair terms"

      Nibbler.........................could it be you are the first to spot this anomaly !

      consumer.contracts@fca.org.uk

      Comment


      • #4
        Re: FCA Regulator link to reporting "unfair terms"

        I have sent a mail to the FCA explaining the above quite rightly reported "out of date information"..................some of the other avenues I tried are ok though so please do not be put off complaining.

        :thumb:

        Comment


        • #5
          Re: FCA Regulator link to reporting "unfair terms"

          Reply I had about a fortnight ago from the FCA.

          Thank you for your email to the Financial Conduct Authority (FCA) dated August 2014 regarding the unfair contract terms check-list on our website.

          I can inform you that this has been passed to the relevant team within the FCA to be updated. I apologise if this has caused any inconvenience and thank you for bringing this matter to our attention.

          Comment


          • #6
            Re: FCA Regulator link to reporting "unfair terms"

            Originally posted by Nibbler View Post
            Reply I had about a fortnight ago from the FCA.
            Apologies, I hope it has been updated..............lets see. :tinysmile_twink_t2:

            Comment


            • #7
              Re: FCA Regulator link to reporting "unfair terms"

              Don't rush them... :rolleyes2: :lol:

              Comment


              • #8
                Re: FCA Regulator link to reporting "unfair terms"

                307 views.............................has anyone actually gone through this procedure of reporting & will you please let the side know what you get if only standard acknowledgement please :tinysmile_twink_t2:

                Comment


                • #9
                  Re: FCA Regulator link to reporting "unfair terms"

                  A standard reply as follows (example) :

                  Your referral to the Consumer Contracts team at the FCA

                  Thank you for contacting us – we appreciate your help in finding potentially unfair contract terms in consumers’ contracts.

                  The FCA can, under legislation called the Unfair Terms in Consumer Contracts Regulations 1999, decide whether to take action by looking at a number of factors, such as the number of consumers that may be affected and the amount of loss they could suffer.

                  For legal reasons we can’t keep you informed about any action we may take* and will not contact you unless we need more information, but we do make the results of some actions public and publish these on our website.

                  Since our role is to look into matters on behalf of all consumers who have entered into a contract we cannot help with individual complaints. However if you believe that you have lost out personally as a result of an unfair contract term you may want to seek compensation and the first step is to make a formal complaint to the firm, and give them a chance to put things right. If you’re not happy with the outcome of this, you can ask the Financial Ombudsman Service (FOS) to investigate your case.

                  You can get more information about your rights from the Citizen’s Advice Consumer Helpline through its website or by calling 0845 404 05 06.

                  Thank you again for bringing this contract to our attention.
                  Consumer Contracts Team
                  Financial Conduct Authority
                  25 The North Colonnade
                  Canary Wharf
                  London
                  E14 5HS

                  Comment


                  • #10
                    Re: FCA Regulator link to reporting "unfair terms"

                    Fred you have just given me a much need kick up the backside. :tinysmile_twink_t2:

                    Comment


                    • #11
                      Re: FCA Regulator link to reporting "unfair terms"

                      Originally posted by Ruby View Post
                      Fred you have just given me a much need kick up the backside. :tinysmile_twink_t2:
                      Thanks again Rubes............just to underline a little these regulators are more interested in this copy paste spreadsheet stuff than the real world....their statistical motivations or action points are directly related to a numbers game which does not represent the nature of the alleged unfairness or perhaps more importantly peoples lack of confidence.

                      Comment


                      • #12
                        Re: FCA Regulator link to reporting "unfair terms"

                        Ok, went through the link and filled out the form. TBH I have done one before and did not hear back :tinysmile_cry_t: Maybe, just maybe FCA will be a little more alert than the OFT. I am not holding my breath though.......

                        Comment


                        • #13
                          Re: FCA Regulator link to reporting "unfair terms"

                          Just got an automated e-mail response:-

                          Since our role is to look into matters on behalf of all consumers who have entered into a contract we cannot help with individual complaints. However if you believe that you have lost out personally as a result of an unfair contract term you may want to seek compensation and the first step is to make a formal complaint to the firm, and give them a chance to put things right. If you're not happy with the outcome of this, you can ask the Financial Ombudsman Service (FOS) to investigate your case

                          In other words - bog standard sod off!

                          Comment


                          • #14
                            Re: FCA Regulator link to reporting "unfair terms"

                            Any more takers for this real easy way to make yourself heard :bump: ...........................please

                            Comment


                            • #15
                              Re: FCA Regulator link to reporting "unfair terms"

                              I second that Fred!

                              Please check out my latest post on Arrow Global Receivables Management :tinysmile_twink_t2:

                              Comment

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