Saturday, February 11, 2012

GLC rings alarm over growing mis-selling of consumer credit products across the UK

With around £9bn of Payment Protection Insurance (PPI) mis-sold to UK consumers the issue of the mis-selling of financial products is big consumer news; yet the potential for the mis-selling of consumer credit products - particulary pay day loans and second charge mortgages regulated under the Consumer Credit Act - is relatively new and unchartered waters.

Govan Law Centre believes alarm bells should be ringing over the growing potential for mass mis-selling in the UK consumer credit market, with the growth of aggressive pay day lending and the ongoing mis-selling of expensive home secured loans. Changes introduced by the 2006 Consumer Credit Act have opened new gateways for consumer redress in law and through the independent Financial Ombudsman Service.

GLC todays publishes a 'think piece' paper which discusses the scope and possibility for consumer redress in relation to mis-sold and unfair consumer credit products in the UK. The paper is available here. Thoughts and comments are welcome and can be made below.

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