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FSA meets with Banks to discuss Hardship conditions - 2nd July

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  • #16
    Re: FSA proposals on definition of Hardship rejected by Banks

    Here you go




    ----- Original Message -----

    From: Freedom of Information
    To: Nick Spooner
    Sent: Friday, May 16, 2008 12:22 PM
    Subject: RE: FoIA Request: Spooner



    Our Ref: FOI0914

    Dear Mr Spooner

    Freedom of Information: Right to know request

    Thank you for your email of 15 May 2008.

    The definition for ‘financial difficulty’ is actually outlined in paragraph 14 of The Banking Code – Guidance for Subscribers and not The Banking Code as advised.

    For your convenience I have attached link to the Code below.

    http://www.bankingcode.org.uk/pdfdoc...DANCE_2008.PDF

    Yours sincerely

    K. Edwards
    Information Access


    If you have received this email in error please notify postmaster@fsa.gov.uk immediately and delete the email from your computer. This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from:

    The Financial Services Authority (FSA)
    25 The North Colonnade,
    Canary Wharf,
    London
    E14 5HS
    United Kingdom

    Registered as a Limited Company in England and Wales No.1920623.
    Registered Office as above

    Switchboard: 020 7066 1000

    Web Site: http://www.fsa.gov.uk

    Comment


    • #17
      Re: FSA proposals on definition of Hardship rejected by Banks

      sorry computer will not allow me to get that but thanks anyway. Do you think I stand a chance?

      Comment


      • #18
        Re: FSA proposals on definition of Hardship rejected by Banks

        To answer your question. it's a bit of a long shot but you have nothing to loose. PM me with your e-mail address and I'll send it on.

        Comment


        • #19
          Re: FSA proposals on definition of Hardship rejected by Banks

          Further to this the Banks were due to meet with the FSA today (2nd July) to discuss the Hardship conditions.

          The FSA in concerned about the length of time the test case is taking and is putting pressure on the banks to resolve the issue faster.
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Received a Court Claim? Read >>>>> First Steps

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          • #20
            Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

            And do we know what happened??????

            Comment


            • #21
              Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

              nope not a whisper... YET
              #staysafestayhome

              Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

              Received a Court Claim? Read >>>>> First Steps

              Comment


              • #22
                Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                I have a claim against A&L with the FOS. It is partly due to them closing the account without notice and partly charges. I claimed hardship done the I&E forms but the FOS say that because A&L refunded some charges last July that they have complied with the banking code already and therefore should not refund the rest (£1500)!

                I am still trying to get them to look again. So it seems that the FOS do not know how to act on harship cases.

                Comment


                • #23
                  Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                  To be fair to FOS the FSA guidance has been pretty dire. Hopefully that is all changing now - I believe there should be some news regarding this on Monday.
                  #staysafestayhome

                  Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                  Received a Court Claim? Read >>>>> First Steps

                  Comment


                  • #24
                    Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                    Originally posted by grimbell View Post
                    I have a claim against A&L with the FOS. It is partly due to them closing the account without notice and partly charges. I claimed hardship done the I&E forms but the FOS say that because A&L refunded some charges last July that they have complied with the banking code already and therefore should not refund the rest (£1500)!

                    I am still trying to get them to look again. So it seems that the FOS do not know how to act on harship cases.

                    On another case on here the FOS will not consider refunding charges on the case as the bank have acted within the banking code by not chasing for the debt ( caused by charges) and not adding further interest charges. So in other words they are still waiting for guidance from the courts on the actuial charges - but the banks should give the hardship cases some help with not falling into further debt as a result of the case taking so long.

                    I will post the letter up ASAP
                    "What makes the desert beautiful is that somewhere it hides a well." - Antione de Saint Exupery

                    "Always reach for the moon, if you miss you'll end up among the stars"


                    Comment


                    • #25
                      Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                      can't wait to hear what they have to say as LLoyds now owe me just over £5000 with interest added since I put my claim into the court

                      If they say that hardship IS anyone with charges of over £500 per annum what will happen?

                      Will the banks have to payout?

                      will the courts have to hear cases?
                      Education is a fine thing Just so long as you can afford to live whist studying!!

                      Comment


                      • #26
                        Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                        They will have to investiate your complaint fully as they did before the waiver was introduced yes.

                        I don't think it will make a lot of difference to court cases, but having some firm guidance as to what constitutes hardship, combined with what Justice Smith says on Monday, should start things moving for those people in most need.
                        #staysafestayhome

                        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                        Received a Court Claim? Read >>>>> First Steps

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                        • #27
                          Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                          wow can only mean good news for my case then .... considering they took £714 in one month!!! never mind the blummin year lol

                          I'm still not gonna allow myself to get too excited though (will wait till i finally get the money in my hand before i break out the bubbly )

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                          • #28
                            Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                            any news yet?

                            Comment


                            • #29
                              Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                              :kiss:

                              nothing yet....I'll have a scout about today see if I can find anything out.

                              Other wise Monday is likely to be the 'news' day......the next bit of the test case is on then. We have a couple peeps attending so should get news back quite quickly.

                              The PCA report is meant to be in tomorrow too. Banks are still blaming the OFT for the hold up, and vice versa.
                              #staysafestayhome

                              Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                              Received a Court Claim? Read >>>>> First Steps

                              Comment


                              • #30
                                Re: FSA meets with Banks to discuss Hardship conditions - 2nd July

                                Update 4th July

                                Discussions with the OFT continue over conditions for the renewal of the waiver which now include a rubuttable preumption that £500 of charges per year qualities as hardship and a pre-approval for terms and conditions changes.

                                The FSA is concerned about the length of time the test case is taking and is putting pressure on the banks to resolve the issue faster.
                                Last edited by Tools; 17th July 2008, 17:05:PM.
                                #staysafestayhome

                                Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                                Received a Court Claim? Read >>>>> First Steps

                                Comment

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