BCOB Regulations

[Mulldog]

Re: BCOB Regulations

Hi Mulldog

BCOBs applies to the deposit taking activities of banks and so I don't think that it has any application to you circumstances.

When you complained to FOS was that about the suitability of the managed loan or the subsequent distress caused?

Hi EXC,

Many thanks for your reply. I'm grateful for any pointers as I'm finding this all very daunting. For reference I complained about the suitability of the managed loan AND the subsequent distress. However it appears their organisation doesn't have the teeth or the jurisdiction to rule on the conduct of the bank.

I'm still in the process of appealing the FOS adjudicators decision as to the suitability of the managed loan as this was conveyed to me by my bank as "A consolidation of my existing loan and overdraft plus an opportunity to have some spare cash for a holiday" by the agent who set it up. Ultimately I thought it would be covered in terms of reduced and re-structured payments by my PPI cover. It wasn't however and they made my life hell when my circumstances changed.

I'm confused though now by what you have just said about what BCOB covers. When researching this yesterday I found this thread on another site: http://www.consumeractiongroup.co.uk...eat-you-failry and this thread indicates you can challenge your bank as a private individual? http://www.bbc.co.uk/news/business-19511542

Does this mean that I could challenge my bank for the distressing way they dealt with change in circumstances? I want to make this somewhat of a test case for fellow carer's who also fall foul of awful bank practices once their personal circumstances change and they have finance arrangements with their bank.

As I said at the beginning any pointers or clarification is all greatly received. mashappy:

[EXC]

Re: BCOB Regulations

The FOS does have the jurisdiction to consider and make awards for distress but the criteria is limited http://www.financial-ombudsman.org.u...onvenience.htm

In my view the application of BCOBs in the articles on the CAG site is misunderstood. The overarching principles on fairness are regulatory principles, the breaching of which is only actionable by the regulator. Although CAG recognize this(http://www.consumeractiongroup.co.uk...-and-Borrowers ) they seem to believe that you can get around this by arguing that the principles are implied terms in a banking contract ''in law'' but I don't believe they can be when they are expressly stated as being ''not actionable by a private individual'' in the Financial Services and Markets Act ie the law.

[Mulldog]

Re: BCOB Regulations

Thanks EXC,
Would you suggest I press home the distress case with the FOS now that I am actually going to be dealing with an actual Ombudsman? I have plenty of supporting papers, citation and examples from a Treasury Committee hearing into the banks actions against vulnerable people .ie- fake collection companies, hounding on the telephone, etc. Several of theses practices have now been dropped by my own bank after the press & parliament exposed them.

[EXC]

Re: BCOB Regulations

Realistically the Ombudsman is your only option I'm afraid.

You need to include as much evidence and information as you can but only that which is specific to you and your case with the bank. Generic stuff from a select committee just won't get considered.