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Bank Smart IMPORTANT UPDATE

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  • EXC
    started a topic Bank Smart IMPORTANT UPDATE

    Bank Smart IMPORTANT UPDATE

    bhamoggy Disconnected THEJGB77 Jo-raffe Casio123 Steve58 JamesLFC sickofthem Simonsennen Shirley1969 Jimmy K x111tatty Hazza73 Misshubbuck Mowbray Russ7519 MannyJ Annamaflea fizzy69 Hawkeye66 Kazmo mothergoat1 Captainguy Dawg Magoo3 Mr Blue Sky Bigchaz123 SaraN Never_again Blue 123 Philypuss Bruno 17 asteer1 Malibu43 nijjon Hyousef Julia72 Craigro Bex18 Aforbes3 colin a claire2day


    After years of sustained lobbying by LegalBeagles, the Financial Conduct Authority has finally taken enforcement action against the notorious claims management company Symmetric Systems Ltd T/A Bank Smart.

    Thank you to everyone who agreed to share their information with FCA to assist in their investigation.

    The FCA have published the following requirements on Bank Smart on their Financial Services Register:

    1. Business requirements

    1.1 In relation to the issuance of cancellation and breach of contract invoices by Symmetric to its customers:

    a. Symmetric must not issue any further cancellation or breach of contract invoices; and

    b. Symmetric must cease pursuing any existing cancellation or breach of contract invoices through, but not limited to, any legal proceedings or debt collection processes.

    1.2 In relation to the charging of commission to customers on any PPI claims initiated after 10 July 2018, Symmetric must not collect commission from customers, or invoice customers for commission, at a rate above 20% excluding VAT. Symmetric is to comply with this requirement until the FCA is satisfied that the appropriateness of commission invoices has been reviewed to the FCAs satisfaction.

    Asset requirement

    1.3 Symmetric must not, without the prior written consent of the Authority, take any action which has, or may have, the effect of disposing of, withdrawing, transferring, dealing with or diminishing the value of Symmetric's client book and clients. For the avoidance of doubt this includes the disposal, transfer or sale in whole or in part of Symmetric's customer base. This is an asset requirement within the meaning of section 55P(4)(a) of the Act.

    Retention and notification requirements

    1.4 Symmetric must secure all books and records and preserve all information and systems in relation to claims management activities carried on by it, and must retain these in a form and at a location within the UK, to be notified to the Authority in writing by no later than on, or before, 7 December 2021 such that they (or, so as not to hinder Symmetric's performance of its business activities, true copies of them) can be provided to the Authority, or to a person named by the Authority, promptly on its request.

    1.5 By close of business on, or before, 7 December 2021, Symmetric must notify in writing all customers affected by the requirements at sub-paragraphs (1) and (2) of the effect of these requirements. The notifications must be in a form to be agreed in advance with the Authority.

    1.6 Once the notifications referred to in sub-paragraph (7) have been made, within 24 hours of those notification, Symmetric must provide to the Authority:

    a. Copies of the template notifications sent to all recipients referred to in sub-paragraph (7).

    b. A list of all parties to whom notifications have been sent pursuant to sub-paragraph (7).

    c. Confirmation that, to the best of its knowledge, Symmetric has sent notifications pursuant to sub-paragraph (7) to all relevant parties.

    1.7 An employee holding a senior management role of Symmetric must send to the Authority by email by 12 noon every Friday (or the following business day should the Friday fall on a Bank Holiday), until such time as it is notified otherwise in writing by the Authority, written confirmation that Symmetric is in compliance with the Requirements.

    2 The Requirements shall take immediate effect and remain in force unless and until varied or cancelled by the Authority (either on the application of Symmetric or of the Authority's own volition).
    In respect of the requirements we have asked the FCA to clarify the following and we'll update here with the answers when we get them.

    1 Does requirement 1.1 (b) mean that current legal proceedings in respect of cancellation & breach of contract invoices should be discontinued?

    2 With respect to requirement 1.1 (b), what is the current status of complaints currently lodged with the Financial Ombudsman?
    Tags: None

  • EXC
    replied
    Stevie467 I've read your thread and I'd be happy to help but would like some info:

    Did Bank Smart discontinue the court claim on the basis that you continued to pay 5 per month?

    Have you kept up with these payments since 2017?

    Please send me the letter and emails from them.

    Leave a comment:


  • EXC
    replied
    Originally posted by Stevie467 View Post
    Hi I was wondering if someone can help my wife in 2017 agreed to pay this company 5 pound a month to clear 340 of apparent debt they said she owed from 2007 even though she never saw any money from a claim. It was all charges and such like.
    Today they have now sent a new letter asking for 500 pounds looks like all charges. We have emailed and they said the extra costs are legal fees even though she agreed over 5 years ago to pay 5 a month and has kept her agreement they have just added more costs to scam her out of money.l it appears looks like A debt that will never be repayed.
    Hi Stevie

    I'm pretty sure they shouldn't be doing that.

    Let me have a read of your older posts to get some background. In the meantime please email me the letter nick@legalbeaglesgroup.com

    Leave a comment:


  • Stevie467
    replied
    Hi I was wondering if someone can help my wife in 2017 agreed to pay this company 5 pound a month to clear 340 of apparent debt they said she owed from 2007 even though she never saw any money from a claim. It was all charges and such like.
    Today they have now sent a new letter asking for 500 pounds looks like all charges. We have emailed and they said the extra costs are legal fees even though she agreed over 5 years ago to pay 5 a month and has kept her agreement they have just added more costs to scam her out of money.l it appears looks like A debt that will never be repayed.

    Leave a comment:


  • EXC
    replied
    I'm on it! I'll email FCA and copy you in.

    Leave a comment:


  • Rachel E
    replied
    Well, after not hearing from Bank Smart for several months I today received a letter from them stating that after reviewing my account, they believed I was owed a refund. I emailed them to question this only to be told it was a small amount &, as I have outstanding invoices with them, they would appreciate my setting up a monthly payment plan to pay these off! I feel they've conned me into allowing them to harass me yet again. The letter was also supposed to be signed for but was in our outdoor letterbox & wasn't signed for by either of us. I thought they were no longer allowed to chase people in any way?

    Leave a comment:


  • claire2day
    replied
    That's excellent news. I battled them and thought I'd won and then after quiet for about 12 months they started again despite previously writing and saying all cases closed. Their antics are appaling and I dread to think of the victims that actually parted with their money. Well done!!!

    Leave a comment:


  • MM8071
    replied
    Superb work team LegalBeagles!

    Let us hope that this is the beginning of the end for this bunch of crooks.

    Leave a comment:


  • bhamoggy
    replied
    AMAZING work Nick and the legalbeagles.
    youve come to the rescue for so many of us and were all so grateful.
    some of the anxiety and stress is finally released and gives us all one less thing to worry about.
    keep up the good work and happy Xmas to the LB team.
    we owe you our thanks and gratitude

    Leave a comment:


  • monsal
    replied
    This is great work. Well done and I think that this will make a huge amount of difference to many people. Its a shame that it has taken this long and BS have continued to profit from their shady practices for so long, but without your tireless efforts this would have continued for much longer. Good to see also that they are not allowed to sell there book onto someone else. "BS Legal Services" for example, who would then fall under a different regulator :-)

    Leave a comment:


  • EXC
    replied
    Originally posted by Disconnected View Post
    Hi Nick,

    thanks for the update. Ive forwarded you the email I got from BS this afternoon.
    Excellent, thanks.

    Leave a comment:


  • Disconnected
    replied
    Hi Nick,

    thanks for the update. Ive forwarded you the email I got from BS this afternoon.

    Leave a comment:


  • EXC
    replied
    I've had some clarification from FCA as to the effect and scope of the requirements.

    With respect to requirement 1.1(b) the requirement to cease collections (for invoices for cancellation and breach of contract) includes all channels Bank Smart cannot chase customers for payment of these invoices by any method and this includes seeking payment itself, or via a third party collector, or via legal action.

    This means that they cannot even ask you directly to pay and the requirement does apply to current legal proceedings.

    Also this requirement is in place unless and until it is varied or cancelled by the FCA, and the FCA must be satisfied with the appropriateness of these invoices to do that.

    I take this to mean that unless FCA have some extraordinary change of heart or that Bank Smart somehow successfully challenge it in court, the requirement will remain indefinitely.

    With respect to how the requirements bear on those with complaints currently with the Ombudsman, it is for the Ombudsman to determine but in my view as Bank Smart are prohibited from asking you to pay, I cannot see any circumstances where it would be appropriate for the Ombudsman to decide that you should.

    The requirements only apply to invoices for cancellation and breach of contract and not commission for successful claims.

    Although those who will be affected were meant to receive a notification from Bank Smart by 7 December, that has been put back until the 10th (today) but don't be surprised if you don't get it for a few days yet.

    Anyone who gets the notification I'd be grateful if you could email it to me.

    Leave a comment:


  • EXC
    replied
    Originally posted by Rachel E View Post
    Hi Nick,

    Well I hadn't seen this. I've been struggling a lot with my mental health & Bank Smart's constant bombardment hasn't done much in the way of helping.

    Thank you for all your help in regards my issues with them. I truly appreciate it

    I will email over a copy of the document you've asked for.

    Thank you again. It's certainly put my mind at rest somewhat

    Rachel
    Hiya

    No probs. I'll look forward receiving it.

    Leave a comment:


  • Rachel E
    replied
    Hi Nick,

    Well I hadn't seen this. I've been struggling a lot with my mental health & Bank Smart's constant bombardment hasn't done much in the way of helping.

    Thank you for all your help in regards my issues with them. I truly appreciate it

    I will email over a copy of the document you've asked for.

    Thank you again. It's certainly put my mind at rest somewhat

    Rachel

    Leave a comment:

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