Nova Insurance Praises New Rogue Trader Prevention Scheme

ROMFORD, England, October 29, 2014 /PRNewswire/ --

Nova Insurance, a specialist in niche insurance products including tradesman liability insurance, has recently praised the introduction of the new Unfair Trading Regulations here in the UK. Rogue traders can operate in various ways from poor quality work to organised crime in which the vulnerable or elderly are targeted. There have been numerous reports over the years of people being roped in by rogue traders and losing large sums of money, with some victims being targeted for extensive periods of time.

However, under the new regulations rogue traders can be challenged by victims in a more effective manner. Action Fraud is a crime report agency who has recently stated that £6.6 billion is lost every year because of unfair trading. However, under these new laws anyone who is sold a service that they do not want nor need will be given up to 90 days to act.

The legal change was announced by Jo Swinson, the government's consumer affairs minister. The regulations protect those that have been manipulated by someone selling a product or service in an aggressive of misleading way, provide consumers access to comprehensive and clear information about extra costs, and enable a longer return period for goods.

The Unfair Trading Regulations gives consumers 90 days to annul a product or service if they have been bullied or misled into purchasing it. Consumers will also be able to receive a full refund if the process is done within 90 days, or a portion of their money back after this period.

Before, if a trader had bullied or misled a consumer into paying extra money they could be prosecuted, however it was often difficult for the consumer to recoup their losses. With these new regulations consumers have a better chance of recovering these payments and also have the opportunity to claim compensation in the case of 'alarm' or 'distress' being caused by the situation.

Nova Insurance's Director, Hassan Soyer, said: "Rogue traders often make life difficult for trustworthy traders who do their jobs exactly how asked. They also give others in the trade a bad name, however this law will change and improve the industries in which these crimes are happening.  The problem is that some consumers don't know their rights, therefore it is helpful that these new regulations are being advertised. Websites have also been set up for consumers to read reviews on tradesmen which will give them piece of mind before going through with a job/service or paying any money."

There are many different ways to avoid rogue traders such as researching services or products before handing over any money. The new regulations will make life easier for both traders and consumers, however it is still important for the government to continue to advise the public on the issue of rogue traders.

Nova Insurance is a niche insurance broker working in the industry for almost 20 years. Nova Insurance works with a number of established insurance partners including Aviva, AXA and Zurich.

http://www.nova-insurance.com

SOURCE Nova Insurance