Nationwide get suspension of articles 8 and 10 from NI PCA Investigation

[Amethyst]

NORTHERN IRELAND PCA BANKING MARKET INVESTIGATION
Notice of Suspension of Articles 8 and 10 of Order


Nationwide Building Society (Nationwide) applied for a suspension of Article 8 and Article 10 of the Order, in accordance with Article 12 of the Order. The Group has decided to grant the suspension, subject to the following specified conditions which make reference to the specific provisions and terms as defined in the Order:

1) Nationwide shall start to send out summaries by 19 June 2009 at the latest and on the anniversary of each Customer account opening date.

a. Each summary shall cover a one year period of interest and charges.
b. The content of the summary will comply with the requirements of Article 8 of the Order with the exception of the requirement to separately provide details of the authorized and the unauthorized overdraft interest incurred.
c. Where the Customer is sent a summary that does not include separate details of authorized and unauthorized overdraft interest, Nationwide shall include a reference on the summary advising Customers that it is possible to receive the separate details on request. A telephone contact number for Nationwide must be included somewhere on the summary or Switching Leaflet.

2) Nationwide shall send out a Switching Leaflet to all Customers by 31 March 2010.

3) Nationwide shall start to send out Annual Summaries by 19 June 2010 at the latest and on the anniversary of each Customer account opening date with each covering a one year period of interest and charges.
a. The content of the Annual Summary shall include separate details of authorized and unauthorized overdraft interest and be fully compliant with the Order.

4) Every Customer of Nationwide shall receive a fully compliant Annual Summary by 19 June 2011 accompanied by a Switching Leaflet.

[Amethyst]

Re: Nationwide get suspension of articles 8 and 10 from NI PCA Investigation

Article 8

Article 8 (Duty to provide an Annual Summary)
44. Banks are required to provide a Customer with an Annual Summary for each active PCA. An active PCA means a PCA that continues to be open at the date of the Annual Summary and a transaction has occurred on that PCA or any Charge or Interest has been applied during the period covered by the Annual Summary. Where a Customer has switched between PCAs within a Bank or the Customer has multiple PCAs at a Bank, the Bank should provide the Customer with an Annual Summary for each PCA. Where a PCA is a joint account, it is sufficient that one Annual Summary is sent to the account holders and addressed jointly.
45. In accordance with Article 1, paragraph 2, the duty to provide an Annual Summary will come into force on 1 April 2009. The Annual Summary should summarize information relating to a Customer’s PCA for the 12 calendar months preceding the date of the summary. The only exception to this is an Annual Summary made on or before 31 March 2010 which must cover a period of between 6 and 12 months preceding the date of the summary.
46. There is no requirement for the Annual Summary to cover a particular yearly period (ie from 1 January to 31 December). Nor is there a requirement for all of the Annual Summaries provided by a Bank to cover the same 12-month period. It is open to the Banks to choose the 12-month period to be covered by the Annual Summary.
47. The Banks are not required to provide a Customer with an Annual Summary where it is not possible to contact the Customer (for example, where the Customer has changed address and not provided the Bank with his new address) or otherwise where the relevant PCA is a dormant account under the terms of the Banking Code. In such circumstances, the Bank should apply its internal policies and where
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relevant, the Banking Code, for dealing with Customers that cannot be contacted. This principle applies to all other information requirements in the Order.


Article 10

Article 10 (Switching information provided in or with the Annual Summary)
51. The requirement that a Bank specifies, on the Annual Summary, where the Customer can find further information on how to switch may be met by referring the Customer to the accompanying Switching Leaflet. The Switching Leaflet is a document that should explain in easy to understand language the operation of a Bank’s switching process. This should be a generic document applying to all Banks.
52. Each Bank is required to use its best efforts to develop and maintain the Switching Leaflet together with all other Banks under the coordination of the BBA.


full document of articles - http://www.competition-commission.or...atory_note.pdf

[TANZARELLI]

Re: Nationwide get suspension of articles 8 and 10 from NI PCA Investigation

Thanks Ame :-)