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Barclays changes terms following FSA investigation

Barclays has changed Woolwich terms and conditions which the FSA has deemed unfair under the Unfair Terms in Consumer Contract Regulations 1999.

As part of these regulations, the regulator has notified the Office of Fair Trading which has a duty to publish the details of these undertakings.

Barclays has deleted the following term from its new terms which it issued in March 2007 after the FSA said that the term appears to give the “firm excessive discretion to vary the terms of the mortgage offer unilaterally.”

In Condition 1.6 of the 2003 Woolwich Mortgage Conditions, the term states that: ‘If your requirements or circumstances change for any other reason we may re-issue, revise, amend or vary your Mortgage Offer at any time before completion..’.

For customers still subject to the 2003 Woolwich Mortgage Conditions, the firm will only rely on the term in limited ways.

Barclays has also deleted a clause from the Supplementary Mortgage Conditions – condition 2 – and has replaced it with a revised condition.

The lender has also deleted Condition 4(3) of the ‘Mortgage conditions – daily interest, England and Wales (September 2001 edition) from its revised terms and conditions.

The FSA says that Barclays was fully cooperative in agreeing to the undertaking.

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