FSA warns firms on fair contract terms

In a report issued today, the regulator stresses that firms need to comply with the requirements of the Unfair Terms in Contracts Regulations 1999 and the principle of Treating Customers Fairly. The review found that while most of the firms surveyed said they had some systems and controls in place to review the fairness of their consumer contracts, these are not always producing the outcome of fair contracts terms. Over half of the contracts reviewed contained at least one variation term (which allow firms to impose changes without prior or express customer agreement) which the FSA regar...