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Financial miss-selling is the
abuse of consumers' rights by
lending and insurance institutions.
The Financial Services Industry
is regulated by the Financial
Services Authority and the Office
of Fair Trading.
The majority of Consumer Credit
Agreements are governed by the
Consumer Credit Act 1974.
These agreements include Credit
Cards, Personal Loans, Home-owner
Loans, Car Loans and Unsecured
Loans.
The Act prescribes the exact format,
layout of a credit agreement and
precise details of the contents
of the agreement.
Any discrepancies, omissions or
anomalies could be interpreted
as a breach of the Act.
The consequences of a breach of
the Act could mean that the entire
agreement is unenforceable.
This would be described as an
inadvertent breach of the Act.
The Office of Fair Trading has
ruled that excessive charges for
late-payments on credit agreements
are illegal.
The Financial Services Authority
(FSA) governs the selling of insurance.
This includes insurance sold to
protect payments on loans if the
borrower is unable to pay due
to redundancy, sickness or accident.
The FSA has publicly stated it
intends to stamp out miss-selling
of PPI (Payment Protection Insurance)
as a priority.
The fundamental principle of the
FSA's Regulation is called "Treating
Customers Fairly".
A number of companies have already
been fined and severely reprimanded
for selling practices the FSA
have deemed to be unfair.
These include - inadequate description
of the insurance, and implying
the insurance is a requirement
of the loan.
If you believe you may have been
miss-sold PPI or would like your
agreement checking without obligation
please contact
us.
Property
Shop is an agent of Retrieve Ltd
who are regulated by the Ministry
of Justice in respect of Regulated
Claims Management Activities.
Registration number CRM11725.
This registration is recorded
at www.claimsregulation.gov.uk |
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