Beagles response to PCA report (OFT)

[Amethyst]

Re: Beagles response to PCA report (OFT)

Indeed...self regulation doesn't work. Sharp pointy sticks required.

[EXC]

Re: Beagles response to PCA report (OFT)

These are the 'next steps' in the consultation process:



Next steps

We will collate responses to the consultation and publish a formal summary of these. Depending on the outcome of the consultation we hope to publish a further or final report early in 2009.

Our aim is for a final report containing recommendations that the banking industry, in consultation with government and other relevant stakeholders, will take forwards. However we will also consider other routes to implement remedies should that not happen.

There are several routes we will consider and would welcome feedback on:

• changes to the Banking Code
• recommendations to government or regulatory bodies, and
• a market reference to the Competition Commission.

Separately, we will also be considering whether failure to adopt any particular future recommendations could lead to enforcement under the UTCCRs or the Consumer Protection from Unfair Trading Regulations 2008. Naturally, we would give the businesses the opportunity to remedy any breaches of the law we identified before taking enforcement action.

Data use statement for responses

Please note that we may choose to refer to comments received in response to this consultation in future publications. In deciding whether to do so, we will have regard to the need for excluding from publication, as far as that is practicable, any information relating to the private affairs of an individual or any commercial information relating to a business which, if published, would or might, in our opinion, significantly harm the individual's interests, or, as the case may be, the legitimate business interests of that business ('confidential information'). If you consider that your response contains such information, that information should be marked 'confidential information' and an explanation given as to why you consider it is confidential. All information received is subject to Part 9 of the Enterprise Act 2002.

[EXC]

Re: Beagles response to PCA report (OFT)

This is the Financial Services Consumer Panel's response to the OFT Market Study.

The FSCP represents consumers in the FSA but has very little clout.

http://www.fs-cp.org.uk/

Although I'm bound to be biased, if this is a general indication of the quality of responses, our effort is in a different league. At two and a half pages in length it must have taken all of 20 minutes to knock up.

[Budgie]

Re: Beagles response to PCA report (OFT)

I totally agree Exc.

Should we be approaching the OFT for a follow up meeting ?

Budgie

[Amethyst]

Re: Beagles response to PCA report (OFT)

I think wait until they have published their findings on the responses, which they should be doing before April.

[EXC]

Re: Beagles response to PCA report (OFT)

I agree. Then we'll have something to discuss.

[Celestine]

Re: Beagles response to PCA report (OFT)

April/May would be a great idea for a return visit.

I'm sure any other submissions will significantly mirror or compliment our own report.

They certainly seemed keen to have us come back to discuss progress.

:beagle:

[Amethyst]

Re: Beagles response to PCA report (OFT)

Just a bump as when the judgment is handed down, or even before, there are some additions I think we can make to this reference taking the hardship stuff forwards and I will contact the OFT and check if they will still accept further submissions.

BCOBS actually seems to reduce banks requirements to treat hardship any differently. and that needs looking at.

Also a reminder that we were going to work on a brief response to the 'transparency' consultation.