Office of Fair Trading to investigate cash for gold firms

Wed, 27 Jan 2010

The Office of Fair Trading (OFT) has announced that it will be investigating the various cash for gold firms trading in the UK.

Since the price of gold hit record highs, more and more adverts are appearing on TV and in the popular press offering the chance to sell unwanted gold jewellery for cash. However, recently the OFT has received a series of complaints concerning the price some customers have received, with one rumoured to have been offered just £38.57 for three pieces of new jewellery that cost £729.

While these claims have yet to be verified, this relatively new market is unregulated and many consumers are not given the protection they would receive in other "investment markets". The OFT has requested information from various companies in the sector as well as confirmation about business practices currently in place.

Also, a number of consumers have complained about their right to reject an offer for their gold which is literally posted to the cash for gold company, who then make an offer and forward a cheque.
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