OFT PCA Update

[EXC]

Dear Nick,

Please note the PCA update report has now been posted online at http://www.oft.gov.uk/shared_oft/rep...ts/OFT1275.pdf. I also attach a copy for convenience.

Kind regards,

Haris

[EXC]

Re: OFT PCA Update

This will be the mother of all consultations then:

''Subsequent to the March 2010 report, the new Government has
published its Programme for Government. In this document the
Government notes that it intends to introduce stronger consumer
measures 'including measures to end unfair bank and financial
transaction charges'. The Government has confirmed that it will consider
this issue as part of its Consumer Credit and Personal Insolvency
Review. A Call for Evidence for this Review will be issued in the
autumn. The OFT is liaising closely with colleagues in HM Treasury and
the Department for Business, Innovation and Skills on this Call for
Evidence to consider on how our work can contribute to meeting the
Government's commitment and any other measures that the government
is considering to achieve it. Developments in this regard, and their
impacts on PCAs, will be reflected in our subsequent work in this area.''

[Amethyst]

Re: OFT PCA Update

Wicked Guess which Chapter I'm reading first lol

Info on the consultation is BIS HM Treasury Consumer Credit and Personal Insolvency Review - Consultation - Legal Beagles Consumer Forum

[leclerc]

Re: OFT PCA Update

3.6 is definitely true ie difficult to find charging scenarios
------------------------------- merged -------------------------------
Page 27 is a beauty....

[EXC]

Re: OFT PCA Update

These are 2 studies we need to find:

7 What Consumers Want: Current Accounts and Savings in the UK 2010 (Datamonitor).
8 Banking on change: UK current accounts 2010 (Datamonitor), p.49.

[leclerc]

Re: OFT PCA Update

4.12 is not good.
4.12 We have been informed by individual providers that a number of new
services have been introduced and are being taken up by customers.
These include:
• the introduction of new PCA products that offer customers greater
ability to control their use of unarranged overdraft facilities or to not
have a facility at all
• the continued roll-out of mobile banking including features such as
text alerts when customers are close to their account limit and
access to account information (some providers offer these features
for free)
• improvements around internet banking, such as the introduction of
statements on demand, and
• the revision by certain providers of their responsibility policies
including moving towards a more pro-active approach to contact
customers incurring significant fees within a month to establish
whether more appropriate products are available and discuss
measures to reduce or avoid fees in the future and introducing a cap
on the level of fees that a customer can incur in a given month.

The last point is probably to agree lending facilities.

[Amethyst]

Re: OFT PCA Update

Oh diddums

''The 2008 market study found that PCA
providers earned around £2.6 billion in 2006 from UOCs or insufficient
fund charges.27 By 2009 this had fallen to £2.52 billion.''

Down from 30% to a miniscule 28%. Shows how little effect those three years had. And they actually went UP to £2.78 billion in 2008 !!!

[leclerc]

Re: OFT PCA Update

Datamonitor Research Store - What Consumers Want: Current Accounts and Savings in


For 3 grand you can have it ....

[Amethyst]

Re: OFT PCA Update

So December for the OPT OUT work. Good.


Shows just how little has changed. The OFT should speak their mind, the banks havent changed all their charging structures to offer consumers a wider choice, its so they can scam more money out of you as you have no hope of understanding it and makes it impossible to compare. The Scenarios are pants and I don't know anyone that has used them to compare accounts.

[EXC]

Re: OFT PCA Update

Oh diddums

''The 2008 market study found that PCA
providers earned around £2.6 billion in 2006 from UOCs or insufficient
fund charges.27 By 2009 this had fallen to £2.52 billion.''

Down from 30% to a miniscule 28%. Shows how little effect those three years had. And they actually went UP to £2.78 billion in 2008 !!!

But I FoI'd them on this and told me they didn't hold that information!!!

Charges might have dropped a tad but total revenue for PCA's now stands at £9b which is more than the £8b in 2006.

[Amethyst]

Re: OFT PCA Update

Lying gits.

Head / Brick Wall for past 4 years.

[EXC]

Re: OFT PCA Update

Lying gits.

Head / Brick Wall for past 4 years.

Duty to confirm whether or not information requested is held

Under the Freedom of Information Act 2000 ("FOIA") we have a duty to confirm whether or not information requested is held and to supply that information unless there are good reasons for not doing so.

I can confirm that the OFT does not hold data on industry-wide revenue generated by fees associated with insufficient funds and unarranged overdraft maintenance charges for the years since 2006 which are comparable to the £2.6 billion figure quoted in the 2008 Personal Current Account (PCA) market study.

[Amethyst]

Re: OFT PCA Update

I'd take a wild guess they didnt just suddenly get the information in the last three weeks.

Think an ICO complaints may be due.

Legal Beagles Consumer Forum - View Single Post - **** Important New European Court Judgement - June 2010

As part of the OFT's investigation into the fairness of certain unarranged overdraft charging terms under the Unfair Terms in Consumer Contracts Regulations (UTCCRs), data was collected from the three banks (Lloyds, Clydesdale and HSBC) on insufficient funds and unarranged overdraft maintenance charges for the financial reporting years 2007 and 2008. It is not possible to calculate an aggregated industry-wide figure from this data.

Managed it okay now !

[enaid]

Re: OFT PCA Update

It's just a big tangled web of deceit from top to bottom.

[The Debt Star]

Re: OFT PCA Update

don't get too excited. the bank chiefs and the heads of the OFT will all meet up at the Free Masons Christmas party and stitch us up