FSA accuse banks of lying

[EXC]

Another day, another breathtakingly usless regulator.

The FSA have written to all the major banks accusing them of lying to customers when handling charge complaints.

This must be the most concise example of bolting the stable door after
the horse has legged it there could possibly be.

Quite why the FSA have left it to the very day that they themselves have
stopped claims altogether beggers belief.

Watchdog accuses banks of lying over charges - Times Online

[Nattie]

I agree with you and I think the other astounding thing is that banks will apply for a stay in the cases while the legal process takes place and yet the consumer cannot ask for a stay to the charges imposed by banks.
Do you think someone could have told them? (the banks KNEW beforehand of the OFT announcement, no consumer groups did)

[EXC]

Yep but you can rest assured that moves are afoot to get some consumer
representation on the OFT legal team.

What will be interesting is what happens to claims with those banks who are not signed up to the OFT case. In theory the should still entertain claims.

Interestingly, your bank is not actualy one of the gang of seven. Apparently Natwest made a separate agreement with the OFT, the day after the rest.

[Nattie]

I think you will find that as part of the Royal Bank Of Scotland Group Plc, we are indeed one of them.

[EXC]

RBS/Natwest are not signatories to the
main agreement between the OFT, FSA and 7 banks.

7 banks signed the agreement on Wednesday (Abbey, Barclays, Clydesdale, HBOS, HSBC, Lloyds TSB, Nationwide), but RBS did not sign until the following day, so they have a separate agreement with the OFT and FSA although the terms are identical.

[Nattie]

thanks for correcting that. I have to agree that all the BS is getting on my tits to be honest. The Banks score yet another victory denying those that charges truly hit.
I AM SEETHING WITH RAGE. CHARGES WILL BE LEVIED AND WILL HIT PEOPLE WHO CANNOT AFFORD TO PAY. FULL OF CRAP IS THE OFT.
What a waste of money and a waste of money. There to regulate nothing, there to do nothing, there for nothing. Either you know the law or you don't.

[EXC]

And what about banks taking people to court for non-payment of charges? Will those cases get stayed? No chance.

[Nattie]

Exc. that is an interesting point and one that i think needs mentioning. If the Judge states that a stay cannot be given re charges, then will the judge then hear a case FOR charges to be deemed unfair and throw the banks claim out. This is a real timebomb.

[iancognito]

And what about banks taking people to court for non-payment of charges?

If anyone is in such a position, please let us know, it will be an interesting challenge and perhaps at least on epositive thing that can be looked into.

My understanding is, they don't take you to court until they have set the rottweilers on you and tried to beat you into submission.....

[Celestine]

And what about banks taking people to court for non-payment of charges? Will those cases get stayed? No chance.

Hmmmm interesting point......definitely one to develop.