OFT PCA Update

[Budgie]

Re: OFT PCA Update

I have had a quick scan through ( will have a more detailed read tonight ).

But initial reaction is one of extreme disappointment that the OFT have accomplished bugger all.

In fact, it appears that the banks are able to continue their thieving practices totally unchecked. They are now generating more revenue per annum from charges (£9 BILLION) than they did in 2006 (£8 BILLION).

Who gives a monkeys if it's an important part of their revenue stream. It's wrong, always has been and no matter how it's dressed up or disguised it will always be wrong.

One good thing has come out of the OFT's updated report though. It has further strengthened my own personal resolve to bring these Banking scum down. I used to have some faith in the OFT but that has now totally dissolved.

Back to basics, lobbying and hassling and forcing change.

We'll get the right solution in the end.


Budgie

[The Debt Star]

Re: OFT PCA Update

I used to have some faith in the OFT but that has now totally dissolved.

so did we all mate. and in the institutions that are in place to protect us. what a larf that is.not.

[Amethyst]

Re: OFT PCA Update

Well, never giving up. Me thinks we will be working hard on this next consultation.

[EXC]

Re: OFT PCA Update

I don't think the OFT are in bed with the banks - they're just useless. But their uselessness is largely brought about by how they're set up. They are often referred to as a watchdog or consumer organisation but in fact they are a competition authority and as such have less power to regulate industry than a typical industry regulator. Let's not forget that if it wasn't for the Supreme Court judgment we would have been calling them heroes.

Having said that, as a competition authority they're not very good either. The headline finding of their original market study was that the PCA market was ''stuck in an equilibrium'' but reading today's report - three years on - it's clear that even they realise that they haven't even got the ball rolling.

''The OFT will continue to monitor actively the PCA market to ensure it moves towards an equilibrium.....

''The OFT wants to see the PCA market move towards an equilibrium....''

We all know that retail banking suffers from chronic uncompetitiveness and whether bank charges are the cause or the symptom, in my view the OFT should have referred the PCA market to the Competition Commission on the strength of the original study, which was in their power to do.

[leclerc]

Re: OFT PCA Update

Is it possible to ask the OFT when they obtained the figures for the three successive years(with regards to unarranged fees)?

[EXC]

Re: OFT PCA Update

Is it possible to ask the OFT when they obtained the figures for the three successive years(with regards to unarranged fees)?

It says in the report.

Source: Information supplied by the major PCA providers who collectively represent over 90 per cent of the market.

[leclerc]

Re: OFT PCA Update

But I said WHEN not how or who supplied it.

[EXC]

Re: OFT PCA Update

Sorry Nat - I will ask them when I complain.

[EXC]

Re: OFT PCA Update

Haris

I note that the update includes the figures for the industry UOD revenues for the 3 years since 2006 that I asked you for under the Freedom of Information Act and for which you told me last month you didn't hold.

I appreciate that it could be the case that you obtained the data subsequent to my request but it does seem unlikely as your FoIA response implied that the OFT was only collecting this data from 3 banks.

We had wanted to include the figures in our response to the BIS Call for Evidence as we suspected that, despite a general assumption that banks had significantly reduced their charges, revenue from them (and in turn consumer detriment) had remained consistent and the figures published by you yesterday confirm that. We are disappointed that we were unable to do so.


Regards

Nick

Nick,

Thanks for your email.

With reference to your query, we received the data for industry unarranged overdraft charges as part of the information request for this month's PCA update report. Prior to this, as noted in my letter of 20 August, we only held data from three banks, collected as part of the UTCCR investigation, which could not be used to calculate industry figures.

Kind regards,

Haris

[Amethyst]

Re: OFT PCA Update

For 2007,2008 and 2009 ?

[EXC]

Re: OFT PCA Update

I spose so. Not much point in asking as they'll only say yes.

[Amethyst]

Re: OFT PCA Update

Hmmm where's that Cow Manure when you need it lol. (Don't lol)

[leclerc]

Re: OFT PCA Update

For 2007,2008 and 2009 ?

Could you ask, simply out of curiosity?

Questioned aimed at EXC on that one

[Amethyst]

Re: OFT PCA Update

Its okay it wasnt a question, though the use of the ? possibly made it seem like one. More like an expression of incredularity (sic lol).