MP backs calls for tougher gold-buying industry regulation

Summarised from 3 outlets · Updated 10 Oct, 06:16 · Archive

An MP has pledged to seek a Westminster Hall debate on regulating the gold-buying sector.

Jon White, founder of Gold Traders UK in Royal Wootton Bassett, is campaigning for regulation of the precious metals buying industry. He argues that consumers often unknowingly accept offers well below the true value of their gold, silver, palladium and platinum items.

White contends that the sector is largely unregulated compared with other industries. He noted that a dealer buying old copper pipe needs a licence, cannot pay in cash and must check identification, yet the gold market operates as a 'free-for-all'. He said: 'Most people sell gold once or twice in their lifetime, sometimes after a death in the family and they simply don't know what it's worth.'

White believes basic regulation would help protect the public and raise standards across the industry, while also reducing the risk of stolen goods changing hands. He stated that simple rules are needed to ensure consumers can make informed decisions about their valuables.

Sarah Gibson, MP for Chippenham, has pledged to apply for a Westminster Hall debate on the issue. Gibson expressed concern that consumers do not fully understand how their valuables are assessed or how prices are calculated. She said: 'People selling gold or precious metals deserve to know they are being offered a fair price.'

Gibson highlighted particular vulnerability among those selling treasured possessions following bereavement or during financial difficulties. She called for stronger regulation, greater transparency around pricing and proper protections to ensure consumers can make informed decisions about their precious metals.

How it is being reported

• MP backs calls for tougher regulation of gold-buying industryA campaign calling for tougher regulation in the gold-buying industry has won the backing of an MPGazette & Herald · 10 Oct, 05:00
• MP backs calls for tougher regulation of gold-buying industryA campaign calling for tougher regulation in the gold-buying industry has won the backing of an MPSwindon Advertiser · 10 Oct, 05:00
• MP backs calls for tougher regulation of gold-buying industryA campaign calling for tougher regulation in the gold-buying industry has won the backing of an MPThis Is Wiltshire · 10 Oct, 05:00

In this story: Jon White · Gold Traders UK · Sarah Gibson · Royal Wootton Bassett · Chippenham

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