FCA publishes unfair term undertaking

FCA has published an undertaking from Capital Financial Management Limited. It considered two term in the company’s debt management contract gave the firm sole discretion on what it could charge customers who cancelled their contract, and that the contract was not clear on what the required notice period was.

The company has amended the terms, agreed to write to all customers to provide them with the new terms, and contacted customers who had cancelled their agreements with a view to providing redress if appropriate.