OFT writes to banks and building societies following recent CCA failures

[Sparkie1723]

Re: OFT writes to banks and building societies following recent CCA failures

The replies to the letter sent which are due on 18th November should be very interesting...be hidden as commercially sensitive and well redacted under FOI but still the reaction by the OFT and FCA should be interesting.

I don't think this is JUST about non compliance with 77-79 but includes default notice, annual statements, notice of defaukt charges and information on statements - basically all post contract information under CCD and CCA 2006.

I think the ECJ Ruling in Decmeber 2012 could be used in this instance on "The Right to the Truth and Disclosure"
Article 13, which includes a right of access to relevant information about alleged violations, both for the persons concerned and for the general public.
The right to the truth is not a novel concept in our case-law, and nor is it a new right. Indeed, it is broadly implicit in other provisions of the Convention, in particular the procedural aspect of Articles 2 and 3, which guarantee the right to an investigation involving the applicant and subject to public scrutiny.
In practice, the search for the truth is the objective purpose of the obligation to carry out an investigation and the raison d’être of the related quality requirements (transparency, diligence, independence, access, disclosure of results and scrutiny). For society in general, the desire to ascertain the truth plays a part in strengthening confidence in public institutions and hence the rule of law. For those concerned – the victims’ families and close friends – establishing the true facts and securing an acknowledgment of serious breaches of human rights and humanitarian law constitute forms of redress that are just as important as compensation, and sometimes even more so. Ultimately, the wall of silence and the cloak of secrecy prevent these people from making any sense of what they have experienced and are the greatest obstacles to their recovery.

Although this was an FOI ruling ...I think it could be argued and used in Data Protection Issues when banks, lenders and firm say that you are not entitled to certain information and use the data protection act to with hold certain information.

Just old Sparkie rambling again

Sparkie

[PlanB]

Re: OFT writes to banks and building societies following recent CCA failures

It does actually. In a roundabout way.

It may be in a roundabout way but I think it should be more precise if it's to be effective.

I've just discovered that Mario Theodosiou is in fact an employee of the FCA's Enforcement and Financial Crime Division who is on secondment to the OFT. So my speculation of a collaboration between the two was right in a roundabout way

http://www.oft.gov.uk/news-and-updat...3#.Un9_3KtFBjo

[Amethyst]

Re: OFT writes to banks and building societies following recent CCA failures

I hope they are collaborating or the changeover would be an utter disaster.

The MOU from April mentions secondments etc if that is of interest.

[Sparkie1723]

Re: OFT writes to banks and building societies following recent CCA failures

J ust to add a little more to my previous post........there were 17 Judges on this Court hearing.
this was reported.

"But 3 judges thought that the Court had gone too far in articulating such a right to truth
Therefore, as far as the right to the truth is concerned, it is the victim, and not the general public, who is entitled to this right as resulting from Article 3 of the Convention, in the light of the Court’s case-law."

This to my mind says that each individual person can claim the Right to the Truth & Disclosure when submitting SAR's and forcing lenders etc to comply with the request for said truth and disclosure which means full disclosure.

These are only my thoughts....maybe others have different ones
Sparkie

[TUTTSI]

Re: OFT writes to banks and building societies following recent CCA failures

In that article credit today....guess when the debt collector awards are on 13/11/2013 in Manchester and Lowell's bless recon that they are fair to the debtors....and hope to win again, even though it seems that they sponsor it..http://www.debtcollectionawards.co.uk/categories
Best Customer Initiative

Company applications welcomed from creditors, debt collection agencies or legal recovery firms that can demonstrate a new approach to money advice and assisting debtors with their financial difficulties. The initiative could be: a campaign, new product, cross-industry collaboration, breakthrough / innovation but the objective should be the furtherance of a supportive approach to debtors suffering from genuine financial hardship.

Sponsored by Lowell Group



Widely acknowledged as the UK’s leading debt purchasing company, Lowell Group prides itself on its close, transparent relationships with clients, fair treatment of customers, ethical approach to collections, and reputation for excellent service.

Lowell Group has twice been named Credit Today’s ‘Debt Purchaser of the Year’ and for the last four years has been ranked number one in an index of all the main European credit management and debt collection businesses.

In addition to debt purchase, Lowell also offers ‘outsource to sell’, a unique service that which enables clients to outsource accounts on a commission basis initially with the option to sell later.


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I think the penultimate paragraph that letter says it all. She refers to the handover of regulation from the OFT to the FCA next April and advises the lenders that any information they send her may/will be passed on. As far as I'm aware some OFT senior staff are already on secondment to the FCA to help with the handover. Maybe this letter was inspired by the FCA on a fact-finding mission. Hopefully the FCA will take compliance more seriously, at least that's what CEO Martin Wheatley has promised.

http://www.credittoday.co.uk/article...-says-wheatley

[ODC]

Re: OFT writes to banks and building societies following recent CCA failures

My invite to the award ceremony was lost in the post. I note they no longer mention who their entertainment is now

[Nibbler]

Re: OFT writes to banks and building societies following recent CCA failures

Everyone else is now catching up.

http://www.thisismoney.co.uk/money/c...ks-probed.html

[PlanB]

Re: OFT writes to banks and building societies following recent CCA failures

Everyone else is now catching up.

http://www.thisismoney.co.uk/money/c...ks-probed.html

Thanks to you Legal Beagles got the scoop

[Amethyst]

Re: OFT writes to banks and building societies following recent CCA failures

Just a couple bittys from the original Barclays story from earlier this year (which prompted this letter )

The bank admitted yesterday it had breached the Consumer Credit Act by wrongly charging interest to personal loan customers in a series of errors dating back to 2008.

and

As a result Barclays has identified certain issues with the information contained in some statements and arrears notices relating to consumer loan accounts.

"Due to these notification errors, interest was not due on certain accounts during the period that Barclays made this mistake, and whilst no one has been mis-sold to, customers are entitled to have their interest payments returned

[TUTTSI]

Re: OFT writes to banks and building societies following recent CCA failures

Ame,

So if they return the interest how do you think this will be calculated, simple or compounded?

Also, what if they placed markers on people credit files, will these be removed as well as they had sent out arrears notices? This could have a more serious impact on people who have not been able to take credit because of wrongful defaults.

Just a couple bittys from the original Barclays story from earlier this year (which prompted this letter )





and

[Amethyst]

Re: OFT writes to banks and building societies following recent CCA failures

Update on this http://www.legalbeagles.info/forums/...333#post419333 ''Over £149 million to be repaid to bank and building society customers''