Distance Selling Act
According to the Office of Fair Trading Website:
Distance Selling Regulations
We have omitted the exemptions from the DSR that do not apply to investment gold or similar items.
Businesses who sell goods or services to consumers by:
...Need to know about the Consumer Protection (Distance Selling) Regulations 2000.
- The internet
- Digital television
- Mail order, including catalogue shopping
The key features of the regulations are:
Exceptions to the right to cancel
- You must give consumers clear information including details of the goods or services offered, delivery arrangements and payment, the supplier's details and the consumer's cancellation right before they buy (known as prior information)
- You must also provide this information in writing
- The consumer has a cooling-off period of seven working days.
13. - (1) Unless the parties have agreed otherwise, the consumer will not have the right to cancel the contract by giving notice of cancellation pursuant to regulation 10 in respect of contracts -
(b) for the supply of goods or services the price of which is dependent on fluctuations in the financial market which cannot be controlled by the supplier;
The website defines a financial service as any banking, credit, insurance, personal pension, investment or payment service.
The Distance Selling Regulations do not apply to the following contracts:
- Contracts relating to financial services to consumers. However,
these services are likely to be subject to the information giving and
cancellation provisions contained in the Financial Services (Distance
Marketing) Regulations 2004 and, where
relevant, the Consumer Credit Act 1974 (CCA).
This is just a summary of how the Distance Selling Regulations apply to the purchase of investment gold.
For more information and advice, please see the Office of Fair Trading website.
Most of the gold coins, bars, and many other items, are exempt from the Distance Selling regulations. This applies to any goods where prices are based on, or fluctuate with prices of gold, other precious metals, or foreign exchange market prices.
It does not apply to individual collector coins where the premium over intrinsic metal price is high. Please be aware that there are many collector coins which we do sell at competitive premiums over intrinsic value. These often include "modern issue" proof coins and sets.
On normal, non-investment coins, we have always operated a 7 day approval and return period for mail order purchases. This has worked well for over 40 years. Naturally, where this is now a legal requirement, we extend this to comply.
If you are unhappy with your goods and wish to return them, you must inform us of this within the 7 day approval time limit. You will be expected to pay for the cost of returning the goods to us.
All coins and other goods we sell are guaranteed genuine, except on rare occasions, in which case the items will be clearly and accurately described.
The gold bullion, investment gold, and precious metal markets are unregulated markets. They are not covered by the Financial Services Authority, and there is no requirement for registration under the FSA, or the London Bullion Market Association.
Our gold investment advice index page.
Investment Gold Coin
Investment Gold Coin