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CASH POINT.

Byline: Tricia Phillips

A SHAKE-UP of the extended warranty market could mean the end of overpriced cover on electrical goods.

A lack of competition - leading shoppers to pay over the odds - forced the Office of Fair Trading to investigate the market, which rakes in pounds 1billion each year.

The amount of information customers are given when taking extended warranties on electrical goods was one of the areas highlighted.

Dixons, Comet and Argos have promised new measures, including an extended warranties website where people can compare products and prices.

Ann Pope of the OFT said: "Millions of extended warranties are sold in the UK each year and we remain concerned that this market does not work as well as it should for consumers."

The OFT want shoppers to tell them whether the proposed changes, outlined at www.oft.gov.uk, will improve warranties.

Call 020 7211 5828 or email degs@oft.gsi.gov.uk to share your thoughts.
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Title Annotation:Business
Publication:Daily Record (Glasgow, Scotland)
Date:Feb 8, 2012
Words:157
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