Phones4U To Be Investigated By OFCOM
In a move which has been welcomed by consumer groups, we are set to see the first formal investigation of a mobile phone company over alleged mis-selling. Mobile phone retailer Phones4u has received notice that the telecom regulator, OFCOM, is looking into a number of complaints about cash-back deals.
While OFCOM is not giving away much about the investigation, insiders believe that it may be related to instances where it is alleged that cash-back payments (often used to attract customers) have not been paid. The practice has been the subject of much criticism for some time with many customers confused by the small print which very often leads to the cash being retained by the company involved.
It may be Phones4u that is hitting the headlines at the moment, but many expect this to be the first step towards a formal investigation of the industry and specifically the use of cash-back promotions. It is common knowledge that the world of mobile phone retail is as competitive as any sector in the UK, but maybe some companies have over stepped the mark of late.
As you would expect, Phones4u has promised to comply fully with the investigation and take heed of any actions which OFCOM suggest for the future.
Share this..
Related stories
UK homeowners pulled into negative equity trap
A review of the UK property market may look promising for the short to medium term but for those who acquired properties back in the early 2000s the doom and gloom will go on. A report issued today claims that those who acquired property in the UK just prior to the 2007 peak in the market will remain in negative equity until at least 2014 with many struggling to cope with increases in energy bills...
Read MoreBritish Airways set for stormy AGM
British Airways chief executive Willie Walsh can expect a hot reception at the company's AGM tomorrow where unions and employees have planned a number of protests. The record pre-tax loss of £401 million, which was announced last year, could be dwarfed by this year's figure as the company continues to cut costs and retrench the business.
Amid signs of concern within the company it...
Are you getting value for money from your landlord?
A report by the housing charity Shelter this week confirmed the difficulties facing those desperate to sign up to rented accommodation after falling foul of mortgage credit restrictions in the short-term. It is believed there are around 3.5 million rented properties in the UK, housing around 8 million people, making the rental market in the UK significant to say the least. So are you getting value...
Read MoreHarrods sold in £1.5 billion deal
It is being reported in the financial press that iconic luxury store Harrods has been sold to Qatar Holdings, the investment vehicle used by the state of Qatar, in a £1.5 billion deal. The new owner of the Knightsbridge-based store has promised to improve and upgrade the building and make it even more popular with tourists who flock to the UK. This brings to an end a 25 year relationship betwe...
Read MoreSavers advised to invest despite market concerns
The increasingly unstable financial markets should be used by potential investors to their advantage, a UK investment broker has said.Recent developments on the worldwide markets saw the FTSE 100 fall by 57.5 points to 6,058.7 at the close of trading yesterday, but knowledgeable investors could still find good opportunities to invest, according to Hargreaves Lansdown.The broker advises that equiti...
Read More