Press and News

Not all is so bright and sunny in the world of Solar Panels

Just last May, David Campbell published an artical in citywire, a London based financial publishing company revealing the high pressure sales tactics, not just in products but in the selling of loans.

Barclays named in solar panel mis-selling probe along with Shawbrook

Barclays is one of a number of institutions reportedly under investigation over high-pressure sales tactics and mis-selling of loans to fund domestic solar panels.

The Financial Ombudsman Service has in the last year received more than 2,000 complaints from homeowners told solar panels would ‘pay for themselves,’ before seeing any financial benefit wiped out by high interest charges, the Times reported.

Of those complaints more than 1,500 stemmed from sales by a subsidiary of Barclays, Barclays Partner Finance, Shawbrook Bank, and BNP Paribas subsidiary Creation Consumer Finance.

A spokesperson for the FOS said it had found ‘evidence of pressure sales techniques, and misleading sales literature or representations by the salesperson’.

They added that it was ‘telling the credit providers involved to put things right’ and was ‘beginning to see many consumers receiving offers from the lenders to settle these complaints’.

While the sales were secured by solar panel suppliers the terms of consumer credit mean the lending institution bears responsibility. The FOS said many cases were still under investigation but that its staff had begun to find in favour of a significant number of claimants.

Shawbrook last year made a £2.5 million provision against future liabilities.

Article credit: David Campbell published in citywire