Chaos in Bank Fee Row - CALL for FSA to define HARDSHIP

[enaid]

An article in the sunday mail finance section.
A Month after banks announced a landmark legal action against the Office of Fair Trading to establish the fairness or otherwise of unauthorised overdraft feees, confusion has erupted over the treatment of a particular group of customers.
Hundreds of thousands 0f them were in the process of reclaiming charges when the court case was annonced on July 26th.
Under a waiver granted by the FSA, banks are allowed to defer dealing with these complaints until a court result is reached. But the waiver specifically exludes "hardship" cases, whose complaints, says the FSA should be heard.
But "hardship " is undefined and consumers might not be aware that they can push forward a claim.
Consumer groupWhich? is pressing for clarification from the FSA. "Hardship" is a woolly concept and no one seems to know what it means, a spokesman says. ( I think afew on here could tell em lol)
The FSA suggests that banks use the definitions laid down by the voluntary Banking Code Standards Board.
Meanwhile claiments in difficulty should persist.

[Nattie]

Re: Chaos in Bank Fee Row

I totally agree with which? because hardship is not defined and is baffling to all.
PULL YOUR FINGERS OUT OF YOUR ARSE FSA AND DEFINE 'HARDSHIP'

[Amethyst]

Re: Chaos in Bank Fee Row

I cant find any definaition of Hardship in the banking code ?

http://www.bankingcode.org.uk/pdfdoc...05%20FINAL.pdf


this is 'financial diffidulties' definitions tho

This spells out existing good practice. Subscribers will consider customers to be in financial difficulty when income is
insufficient to cover reasonable living expenses and meet financial commitments as they become due. This may result
from a change in lifestyle – often accompanied by a fall in disposable income and/or increased expenditure – such as:
• loss of employment
• disability
• serious illness
• imprisonment
44
Financial difficulties – how we can help
• relationship breakdown
• death of a partner
• starting a lower paid job
• parental/carer leave
• starting full-time education

The subscriber should leave the customer with sufficient money
for reasonable day-to-day expenses, taking into account individual circumstances. Subscribers will not subject
customers to harassment or undue pressure when discussing their problems.
A debt is considered ‘priority’ where the customer’s failure to pay could lead directly to the loss of one or more of the following:
• the customer’s home (eg, rent, mortgage, secured loans);
• their liberty (eg, council tax, child support maintenance, income tax, court fines);
• their utility supplies (eg, water, gas, electricity); or
• their essential goods or services (eg, a cooker, a fridge, or the means to travel to work).
Subscribers may consider agreeing with such customers appropriate concessions relating to charges and interest
payable by the customer. This may mean suspending, or reducing interest, default charges and annual fees where
agreed repayments do not cover them. The

[enaid]

Re: Chaos in Bank Fee Row - CALL for FSA to define HARDSHIP

Well if I can find "Google" and the definition of "hardship" I am sure the FSA can too!!!!!!

[Amethyst]

Re: Chaos in Bank Fee Row - CALL for FSA to define HARDSHIP

lol

you are in very difficult financial circumstances – 'hardship cases'
If you have a case of genuine financial hardship, your bank or building society must deal with your complaint – see the Banking Code for how they can help. If you're not happy with the firm's response to your complaint, you can take it to the Ombudsman, who will consider whether your complaint can be dealt with before the test case is resolved.

....................................

[Amethyst]

Re: Chaos in Bank Fee Row - CALL for FSA to define HARDSHIP

according to a judge hardship means

for example migrating abroad or terminal illness and i could,nt wait.