Should the £750 limit for Statutory Demands be increased ?

[EXC]

Re: Should the £750 limit for Statutory Demands be increased ?

Some of the more " aggressive" DCA's/Debt Purchaser have been warned (By the OFT) about misuse of the BR process and the FCA is of course aware of these warnings and hopefully will act with alacrity!

Unfortunately and unbelievably the legislation wipes the slate clean for firms that came under OFT. FCA can only act they breached an OFT requirement.

This is from an FoI response from FCA and although in relation to Wonga it'll apply to all regulated firms.

The FCA may only take action according to the legislation in force at the time of any misconduct. In the case of Wonga’s misconduct, which took place between October 2008 and November 2010, that would have been subject to the powers granted to the OFT. At that time, the only circumstances in which the OFT could impose a fine were where a consumer credit firm breached a requirement imposed by the OFT. The OFT had not imposed any such requirement on Wonga. If it had imposed such a requirement, and Wonga had subsequently breached that requirement, then the FCA could have considered imposing a financial penalty of up to £50,000.

[nemesis45]

Re: Should the £750 limit for Statutory Demands be increased ?

Way back I was given to understand that Complaints and Information passed to the OFT would be followed up and be used at the review of interim permissions and licence apps and renewals and individuals were " encouraged" to make reports on this basis.

nem

[andrew1]

Re: Should the £750 limit for Statutory Demands be increased ?

Way back I was given to understand that Complaints and Information passed to the OFT would be followed up and be used at the review of interim permissions and licence apps and renewals and individuals were " encouraged" to make reports on this basis.

nem

The OFT were a waste of space and took up expensive offices off Fleet Street. We took hundreds of vital lines of evidence to them regarding Swift Advances plc and spent thousands of hours investigating them ourselves only to be shafted by a cloud of secrecy and absolutely No action worthy of printing. I thought what these lenders were doing was criminal, but the OFT's inability to find its dentures, let alone bite was a public disgrace - and I told them so!

A1