Tag Archives: financial ombudsman

Official warning: watch out for lousy Christmas loans!

posted by in Dodgy practice, Payday Loans 3 Comments

The Financial Conduct Authority (FCA) issued a warning recently to anyone considering taking out a loan to cover costs this festive season. They have reason to believe that at least 15 firms are offering Christmas loans to UK customers without official permission or authorisation.

Almost all firms and individuals carrying out consumer credit activities in the UK must be authorised by the FCA. However, there are still some firms that act without their permission.  This leaves anyone who borrows from these firms vulnerable, as they won’t have the protection of a regulatory body to ensure they’re treated fairly.

While the sites listed by the FCA are simply not regulated, this also exposes a wider issue, that some loans could potentially be scams.

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So what is an ombudsman?

posted by in Debt Law 1 Comment

It’s an odd word is ‘ombudsman’. We always thought it sounded a bit Scandinavian.

And now we’ve found out that it is, thanks to this cute new cartoon video from the Financial Ombudsman Service, featuring Vikings and longboats.

They’ve looked at the history of the word (the etymology of it, if you want to look smart) in an effort to highlight what they do and the range of money-related issues they can help mediate on, all for free.

We love the service – they’re amazingly helpful when you’ve got a financial complaint that you feel isn’t being resolved to your satisfaction.

So we say it’s well worth catching the video below.

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