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19/08/2004
New rules set to resolve credit disputes more easily
The government has announced new rules today designed to create an independent ombudsman that can provide an easier route to resolving credit disputes.
Under present rules, borrowers can only take lengthy and costly court action if they challenge an agreement with a lender other than a bank or building society. From April 2006, the Financial Ombudsman Service will provide an impartial, independent route to solve disputes.
Banks and building societies are already within the scope of the ombudsman service.
Consumer Minister Gerry Sutcliffe said: "The government is undertaking a massive shake up of the consumer credit industry to ensure the market becomes more transparent, fairer and trusted.
"This new system provides a much-needed and approachable alternative to court with a professional and expert body that already has specialist knowledge and a track record of handling consumer complaints about financial services."
It is expected that borrowers with active agreements when the new system starts will be able to use it, providing the problem occurred after the start date.
(gmcg)
Under present rules, borrowers can only take lengthy and costly court action if they challenge an agreement with a lender other than a bank or building society. From April 2006, the Financial Ombudsman Service will provide an impartial, independent route to solve disputes.
Banks and building societies are already within the scope of the ombudsman service.
Consumer Minister Gerry Sutcliffe said: "The government is undertaking a massive shake up of the consumer credit industry to ensure the market becomes more transparent, fairer and trusted.
"This new system provides a much-needed and approachable alternative to court with a professional and expert body that already has specialist knowledge and a track record of handling consumer complaints about financial services."
It is expected that borrowers with active agreements when the new system starts will be able to use it, providing the problem occurred after the start date.
(gmcg)
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