Barclays ... forced to comply with waiver by FSA on reserve charges ????

[Amethyst]

what do you think ?


Barclays havent signed up to waiver, but after consultation have decided to put them on hold pending outcome of test case..... same thing in my book?

Barclays introduced replacement terms and conditions on 18
> August 2008 when it introduced the Personal Reserve service. Barclays do
> not consider that its new charges under its Personal Reserve service are
> unauthorised overdraft charges and therefore it has not sought our
> waiver for complaints about these charges. However, following
> consultation with the FSA, Barclays has decided that if your complaint
> relates to the level, fairness or legality of the charges under the
> Personal Reserve service, it will review the impact of the House of Lords
> judgment on such charges before responding to these complaints.

FSA has stated that despite barclays not having signed up to the Waiver for reserve charges they have agreed to place all complaints about the reserve charges on hold pending the outcome of the test case. Is this the correct interpretation ? Will barclays be signing up to the waiver from January to include the reserve charges ?

They cant just take themselves out of DISP without having a waiver, so maybe they have a new waiver.

[ROBSTER]

Re: Barclays ... forced to comply with waiver by FSA on reserve charges ????

Who are they kidding, they have blatantly "dressed a charge" and then they want "the penny and the bun". Not sign up for the waiver but still benefit from delaying any refunds if challenged and the fsa predictably say "ehhh ok".

The main hurdle from a would be claimant is not the waiver but the Court Stay, much as the FSA want to stamp their authority on it, once the Stay is lifted courts will compel the banks to process claims if appropriate so the FSA waiver is a convenient red herring in many ways.

[Amethyst]

Re: Barclays ... forced to comply with waiver by FSA on reserve charges ????

Exactly what I was thinking, have emailed the central waivers team @ the FSA to ask how Barclays can avoid the DISP rules without having a waiver covering those specific charges.

[EXC]

Re: Barclays ... forced to comply with waiver by FSA on reserve charges ????

The main point you need to address is that FSA cannot simply grant a waiver by themselves. They can only grant one in respnse to an application for one by Barclays.

[Amethyst]

Re: Barclays ... forced to comply with waiver by FSA on reserve charges ????

have asked them to explain generally thanks exc.

[natweststaffmember]

Re: Barclays ... forced to comply with waiver by FSA on reserve charges ????

We have a response:


"The interpretation is partially correct. Our position on complaints about charges under our Personal Reserve service is as stated on our website. I have replicated the relevant information below and hope this provides the necessary clarification.
What about complaints about Personal Reserve?
If you have a complaint about our Personal Reserve service this can still be made and will be responded to in line with our complaint handling procedures. However, the one exception is that, if your complaint relates to the level, fairness or legality of the charges under the Personal Reserve service, we will register and store your complaint and ensure that it is not adversely affected by any delay in dealing with it. If we conclude that the House of Lords judgment does impact these complaints then we will write to customers who have made such a complaint to explain what will happen next, and if there is no impact we will progress your complaint.
Can a customer complain to the Financial Ombudsman Service about Personal Reserve?
Yes, a customer can complain to the FOS. If your complaint relates to the level, fairness or legality of charges under the Personal Reserve service incurred on or after 18 August 2008, the Ombudsman has indicated that they are likely to also put these on hold (at least until the House of Lords judgment has been given).
The full article can be accessed using the following link:
http://ask.barclays.co.uk/help/day2day_banking/overdraft_charges



Kind regards"

[Amethyst]

Re: Barclays ... forced to comply with waiver by FSA on reserve charges ????

If you have a complaint about our Personal Reserve service this can still be made and will be responded to in line with our complaint handling procedures. However, the one exception is that, if your complaint relates to the level, fairness or legality of the charges under the Personal Reserve service, we will register and store your complaint and ensure that it is not adversely affected by any delay in dealing with it. If we conclude that the House of Lords judgment does impact these complaints then we will write to customers who have made such a complaint to explain what will happen next, and if there is no impact we will progress your complaint.

why else would you complaint about the Personal Reserve Charges other than it being applied completely in error, their 'one exception' pretty much covers everything else does it not ?

So it is covered by the waiver.

So whats this pants about that Barclays reserve charges are not covered by the waiver ? Hopefully the FSA will be able to tell us. Why do Barclays get to pick and chose whether their charges are covered by the waiver or the test case or not ?