Press Release: Bob Egerton

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<STRONG>NEWS RELEASE FROM BOB EGERTON (BOB THE BANKBUSTER)

FOR IMMEDIATE RELEASE: 10 January 2008

OFT FAILS TO ACT AS BARCLAYS CONTINUES TO IMPOSE EXCESSIVE CREDIT CARD DEFAULT FEES

[EXC]

Re: Press Release: Bob Egerton

<STRONG>NEWS RELEASE FROM BOB EGERTON (BOB THE BANKBUSTER)

FOR IMMEDIATE RELEASE: 10 January 2008

OFT FAILS TO ACT AS BARCLAYS CONTINUES TO IMPOSE EXCESSIVE CREDIT CARD DEFAULT FEES

[thephoenix]

Re: Press Release: Bob Egerton

Is there a link to this EXC?

[EXC]

Re: Press Release: Bob Egerton

sorry...having trouble pasting this in..

[EXC]

Re: Press Release: Bob Egerton

<STRONG>NEWS RELEASE FROM BOB EGERTON (BOB THE BANKBUSTER)

FOR IMMEDIATE RELEASE: 10 January 2008

OFT FAILS TO ACT AS BARCLAYS CONTINUES TO IMPOSE EXCESSIVE CREDIT CARD DEFAULT FEES

[EXC]

Re: Press Release: Bob Egerton

This is wierd. No it's on an e-mail

[EXC]

Re: Press Release: Bob Egerton

----- Original Message -----
From: Bob Egerton
To: Bob Egerton
Sent: Thursday, January 10, 2008 1:15 PM
Subject: OFT fails to enforce its own credit card default fee report recommendations


NEWS RELEASE FROM BOB EGERTON (BOB THE BANKBUSTER)

FOR IMMEDIATE RELEASE: 10 January 2008

OFT FAILS TO ACT AS BARCLAYS CONTINUES TO IMPOSE EXCESSIVE CREDIT CARD DEFAULT FEES

The OFT has failed to enforce the agreement that it reached in 2006 with credit card companies over the level of default fees imposed on credit card accounts.

In September 2006, the OFT boasted that it had solved the problem of default fees on credit card account by taking an "innovative approach" (see OFT press release 130/06 7 September 2006). It claimed that UK banks had reduced their default fees from around £25 to the OFT "guideline" of £12. It now appears that not all banks have done so and the OFT has failed to take action to enforce the agreement. Barclays Partners Finance, previously known as Clydesdale Financial Services, continues to charge default fees of £22.50 for late payments. This matter was brought to the OFT's attention 3 months ago (10 October 2007) but, so far, the OFT has taken no action and refuses to say whether it will be taking action.

Bank charges campaigner, Bob Egerton, said, "The OFT could have taken Britain's banks to court in 2006 to obtain a declaration that the default charges were unlawful; or it could have forced the banks to give binding undertakings to reduce their charges. It did neither. Now it is paying the price for its spinelessness. At least one of Britain's high street banks is flouting the guideline level specified by the OFT and the OFT has taken no action. This does not bode well for the so-called test case that is due in court next week between the OFT and the banks over current account penalty charges. If this government department is not prepared to enforce its existing agreement with the banks, there would seem to be little prospect of it taking any effective action in this new area. I call upon the chief executive of the OFT to make a clear statement on whether or not he is prepared to act robustly against this arrogant, lawless behaviour by Britain's banks."

For further information, contact Bob Egerton
07785 748844

Editor's notes:
OFT report April 2006 suggesting £12 maximum default fee on credit cards:
The Office of Fair Trading: Current credit card default charges unfair
OFT press release September 2006 announcing agreement reached with banks on £12 fee ("innovative approach") and new study into current account fees:
The Office of Fair Trading: Following success on credit card default charges - OFT turns attention to bank current accounts
To download a copy of the Barclays Partner Finance terms and conditions including level of default fee, click on:
http://homepage.mac.com/bobegerton/f...s-def-fees.pdf



Bob the Bankbuster
Penalty bank charges
Email: bankbuster@mac.com
Trevillick House, Fore Street, Grampound, Truro TR2 4RS
Tel: 01726 884451 Mobile: 07785 748844
This business is regulated by the Ministry of Justice in respect of regulated claim management activities.
See CMR: Claims Management Regulation. Authorisation number: CRM1856

[EXC]

Re: Press Release: Bob Egerton

Bingo!