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‘But I didn’t understand!’

03 Jun 2010

The Financial Services Authority (FSA) has published guidance on ‘have read and understood’ declarations which consumers are frequently asked to sign when buying goods and services.

This follows an undertaking published in January 2009 from The On-Line Partnership Limited which related to the following term in the firm’s terms of business: “I confirm that I have received, read and understood this agreement and agree to the terms set out within.” The FSA considered that this term was unfair because it bound consumers to terms of which they may not have any real awareness.

The FSA’s statement sets out the approach businesses should take when drafting or relying on consumer declarations of this type. In particular, the FSA may regard as unfair declarations where a firm does not give the consumer an opportunity to read and ask questions about a contract before signing it, and declarations that are used to reject complaints.

For more information or to have your standard terms reviewed, please contact Jonathan Waters on 0191 232 8345 or email jonathan.waters@hay-kilner.co.uk

Please note:
This article is not legal advice; it is intended to provide information of general interest about current legal issues. Please contact us to discuss how the contents of the article may affect you.