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Credit brokers must make the extent of their duties and charges clear to customers, a regulator has said. The authorities have received hundreds of complaints about brokers demanding upfront fees for loans they never arranged. Now the Office of Fair Trading (OFT) has outlined a set of standards it expects from brokers and intermediaries.
Brokers must explain rights to refunds to consumers.
Complaints
Helpline Consumer Direct received 3,374 complaints about credit brokers and intermediaries in 2010, and an additional 2,240 by September this year. The Financial Ombudsman Service was formally involved in 697 cases in the last...Read more here----> BBC News - Credit brokers warned on fees by OFT
Direct link to OFT:
OFT publishes guidance for credit brokers and intermediaries.....Read more here---> OFT publishes guidance for credit brokers and intermediaries - The Office of Fair Trading
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