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Loan claims: OFT issues trading name advice

The Office of Fair Trading (OFT) has issued guidance for firms on misleading names, particularly those making credit card claims or statements about other financial products.

It released these recommendations to prevent corporations from tricking the public by using names such as Helpline or Debtline, as well as other titles that could imply the group is a charity or a government agency.

For example, the public body stated a company calling itself 'Cheap Loans for All' would be implying that everyone can receive credit from it, so businesses with a similar name will be likely to be challenged.

Furthermore, loan claims such as "zero-interest' or 'lowest prices in UK' will only be acceptable if this is deemed to accurately describe the enterprise.

Trading names must not mislead about the cost of products, the services provided, the scale of the organisation or the relationship it has with other businesses.

Commenting on this decision, chief executive of the Money Advice Trust Joanna Elson said: "When someone does take the right step, they deserve better than firms trying to make a profit by deliberately misleading them."

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801345516-ADNFCR

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