The Office of Fair Trading (OFT) has turned its attention to some of the gold buying companies who purchase gold from customers using the postal service. A number of complaints were made to the OFT regarding these companies, in particular whether the customer’s right to refuse an offer for their gold and get it back from the company was being honoured. General complaints about websites, advertising and business practices were also made.

The companies, which have not been named directly as the OFT is currently reviewing its policy on transparency, have been asked for information under Part 8 of the Enterprise Act 2002. The consumer legislation concerned includes the Consumer Protection from Unfair Trading Regulations 2008, Unfair Terms in Consumer Contracts Regulations 1999 and the Consumer Protection (Distance Selling) Regulations 2000.

The OFT has at no time suggested that the law has been breached by these companies, however the OFT plans to review the terms and conditions offered to customers to assess whether they are fair. Further action will be considered depending on the review of requested information.