Small print should be banned - not read
Silly mistakes, overcharging and other undesirable practices by financial institutions in general have been a hot topic for a long time. Negligence in little things usually leads to more serious breaches of regulations. It’s high time legislation was put in place governing the use of print so small it almost requires a magnifying glass to read it.
Cunningly used in parts of contract and agreement documents, rules and conditions forms and in promotional literature and advertising, it can be most deceiving.
Projected interest rates are in big print; the real interest rates are in very small print. An enticing “offer of money to borrowers” is given a huge display But “warning: if you cannot pay regularly you may lose your home” is in tiny print. Likewise inkless, almost illegible - sometimes even blank - receipts or statements from ATM dispensers are inexcusable.
All ambiguous, deceitfully designed or misleading documents, advertising and promotion literature should be outlawed. While we have financial regulators now, nonetheless I believe it’s time an independent ombudsman’s office was set up to deal with all complaints in the financial sector.
James A Gleeson
The Grove
Thurles
Co Tipperary
