Money: Government plans new powers to stop firms exploiting loyal consumers - PressFrom - United Kingdom
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MoneyGovernment plans new powers to stop firms exploiting loyal consumers

19:15  18 june  2019
19:15  18 june  2019 Source:   cityam.com

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The government said it would now consult on handing the CMA new powers to fine firms that overcharge or mislead customers without first going to court. According to Citizens Advice, customers who stayed loyal to mobile and broadband providers and to those providing financial services such as

The government said it would now consult on handing the CMA new powers to fine firms that overcharge or mislead customers without first going to court. According to Citizens Advice, customers who stayed loyal to mobile and broadband providers and to those providing financial services such as

Government plans new powers to stop firms exploiting loyal consumers © Reuters

The competition watchdog is set to be given new powers to fine companies exploiting consumer loyalty in a crackdown on “subscription traps” and unfair cancellation charges.

The government has proposed giving the Competition and Markets Authority (CMA) legal powers to penalise firms without going through the courts.

It comes after consumer body Citizens Advice lodged a “super complaint” regarding loyalty penalties in the mobile phone, broadband, mortgages and insurance markets.

The CMA in turn proposed the crackdown and the government has now launched a consultation on the new powers.

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The government said it would now consult on handing the CMA new powers to fine firms that overcharge or mislead customers without first going to court. According to Citizens Advice, customers who stayed loyal to mobile and broadband providers and to those providing financial services such as

The government said it would now consult on handing the CMA new powers to fine firms that overcharge or mislead customers without first going to court. According to Citizens Advice, customers who stayed loyal to mobile and broadband providers and to those providing financial services such as

The government said the powers would act as a “powerful deterrent” to companies harming consumers with misleading claims, unfair terms and conditions and hard-to-exit contracts.

It could include a range of products, including mobile phone contracts, broadband, mortgages and insurance.

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Business secretary Greg Clark said: “I strongly believe that consumer loyalty should not be exploited and nor should consumers have to work so hard to get a fair deal.”

Regulators, such as Ofcom and the Financial Conduct Authority could also be given new powers to tackle the issue.

“For far too long, many big companies have been getting away with harmful trading practices which lead to poor services and confusion among customers who have parted with their hard-earned cash,” the Prime Minister Theresa May said.

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Britain’s competition watchdog will be handed the power to fine firms which “mislead” and overcharge consumers , Theresa May has announced. Regulators, such as Ofcom and the Financial Conduct Authority, are also set to be given new powers under the plans to stop loyal customers being taken

GRASPING firms who stitch up loyal customers will be pummelled with on-the-spot mega-fines The new powers , to be unveiled today, will allow the Competition and Markets Authority to decide when Business Secretary Greg Clark says the Government are committed to ensuring customers aren't

“The system as it stands not only lets consumers down but it also lets down the vast majority of businesses who play by the rules,” she added.

Head of regulation at uSwitch.com Richard Neudegg said: “Providing the regulators with greater fining powers would strengthen consumer law across all industries, and fire a warning shot across the bows of companies who try to bamboozle their customers.

“As ever, the devil will be in the detail when it comes to how this will actually benefit customers.”

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