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Banks liable under Consumer Rights Act or other?

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  • Banks liable under Consumer Rights Act or other?

    Hiya.

    So BCOBS states that banking customers can hold their bank responsible for damages under section 138D of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256).

    Which is odd because, as memory serves, I have always thought that BCOBS pointed consumers to the consumer rights act and the provisions therein to hold their banks responsible?

    So where have I got that from? can anyone shed any light on this?
    Tags: None

  • #2
    Post for info only, the FSA reference in the article is BCOBS -

    https://cms-lawnow.com/en/ealerts/20...ights-act-2015

    Comment


    • #3
      Thanks echat11. Don't suppose you know which part of the 150 page Consumer Rights Act is relevant for this?

      Comment


      • #4
        Originally posted by andrew3223 View Post
        Thanks echat11. Don't suppose you know which part of the 150 page Consumer Rights Act is relevant for this?
        https://www.fca.org.uk/publication/f...ce/fg18-07.pdf

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        • #5
          Thanks echat11 but don't think this is relevant.I'll look myself and post the results here.

          Comment


          • #6
            54 (7) of https://www.legislation.gov.uk/ukpga...0150015_en.pdf

            Those other remedies include any of the following that is open to the consumer
            in the circumstances—
            (a) claiming damages;
            (b) seeking to recover money paid where the consideration for payment of
            the money has failed;
            (c) seeking specific performance;
            (d) seeking an order for specific implement;
            (e) relying on the breach against a claim by the trader under the contract;
            (f) exercising a right to treat the contract as at an end.

            Comment

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