The Financial Conduct Authority plans to introduce stricter rules governing loan brokers as it looks to address concerns among consumers, particularly with regard to upfront fees.
Under the plans, due to take effect January 2, brokers will among other things be required to ensure that customers are aware they are dealing with a credit broker, and that they know what the likely fee will be and how it would be payable. Customers will have a 14-day cooling-off period with respect to online contracts.
Credit brokers account for more than 40% of customer complaints received by the FCA.
http://www.ft.com/intl/cms/s/0/b31a78ce-797c-11e4-9e81-00144feabdc0.html#axzz3KcI71aqx
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