15
February
Gold companies criticised for treatment of customers
15 February 2011 The Telegraph
CashMyGold, Cash4Gold and Postal Gold agreed to make changes following an investigation by the Office of Fair Trading. Two other companies - CashYourGoldNow and Money4Gold - have ceased trading.
Companies that swap people’s gold for cash have soared in popularity in recent years as households struggle for income amid the economic downturn and the rising cost of living.
Consumers send in their gold by post to be assessed, then received payment back in the post.
The OFT said a handful of companies were locking customers into accepting the offer made for their gold items. In some cases, customers’ jewellery was melted down on the assumption that they had accepted a quote.
