Banks liable under Consumer Rights Act or other?

[andrew3223]

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?

[echat11]

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

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

[andrew3223]

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

[echat11]

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

[andrew3223]

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

[andrew3223]

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.