Ask the Chancellor a question on the banking crisis

[Mr lex]

This was on the MSE newsletter, I feel it is something all consumer groups can take part in. It might be a good opportunity to ask a few questions about unlawful bank charges.



The Treasury Committee is asking members of the public to send in questions they would like to see put to the Chancellor, the Governor of the Bank of England and the Chairman of the Financial Services Authority at an urgent inquiry into the banking crisis.

How to submit a question

E-mail questions under 100 words to bankingcrisis@parliament. uk if you wish to remain anonymous, please state clearly at the beginning of your email.

These can be submitted up to 48 hours before the hearing, which will take place on Mon 3 November 2008 - so get all questions in before 4pm on Sat 1 Nov.

The Chairman of the Committee has said:

"This inquiry will take a fundamental look at the causes of the present banking crisis, the current responsibilities of the banks and the Government to the taxpayer, and the future shape of the financial and regulatory landscape.

"Taxpayers are naturally very concerned about the scale of this investment. The Committee hopes that by providing people with the chance to have us put their questions to those in charge, we can provide a constructive way of engaging the public on a matter of such deep concern to the whole country."

Will my question definitely get answered?

The Committee has said that not all questions submitted can be guaranteed to be asked at the inquiry, so there is a chance your question will not be put to the panel.

Please don't stop let this stop you asking a question though, there is a chance yours could be used.


Lex (with kind permission of MSE Wendy )

[Mr lex]

Here is my question.

Dear sirs

The current banking crisis has been brought about by the greed and gross profiteering of the major banks. Now that the government is a major share holder in some of these banks, can you tell me what the government is going to do about the unlawfully excessive bank charges that have been inflicted on the poorest members of society. In particular, what are they going to do about the large number of stayed cases that are coursing so much misery and distress to people least able to defend themselves.

Lex

	Bank Charges You should have started your claim for your bank charges by now. Don't wait. You should send your bank a Subject Acess Request asking for all personal data they hold on you - not just statements. You should calculate all of your bank charges and related interest as far back as 1995. You should send your bank a demand for a refund giving them 7 days. You should commence your legal action adding 8% statutory interest. If you wait for the outcome of the test case, you may not be able to claim like this. you may not be able to claim interest. You may only be offered the difference between the charge and the OFT "fair charge". The repayment scheme will try to limit you to refinds from 2001 only. A repayment scheme will not deal with any bank charges related defaults on the credit register whereas in a court action you can ask for these to be removed and to be compensated for the damage caused to you and your family by them. You should also write to the bank and to the CRA and put all charges related credit entries in disupte and warn them that you will want them removed from the Register when the test case is over. Warn them also that you are likely to be seeking compensation for these wrongful data entries. Full and final settlement Have you previously accepted a partial repayment of your bank charges in full settlement? You will still be able to claim the rest of your money back after the Test case is decided. Get all your information back to 1995 and put in your claim now.

	FSA Waiver The FSA has granted a waiver to the finance industry in respect of bank charges claims. The waiver has been in place since July 2007 and will continue until the OFT test case is decided. The OFT test case will be heard by the House of Lords in June 2009. We are likley to get a decision before the end of the year. Under FSA rules, banks must normally deal with all complaints within 8 weeks. The FSA waiver has allowed banks to put bank charges claims on hold pending the outcome of the Test case. The FSA waiver is expremely one-sided as it allows banks to put claims on hold but it allows banks to continue levying charges. It also allows banks to continue enforcement action even in relation to disputed bank charges. The FSA waiver has been assisted by a general stay on charges-related County Court claims. You are still permitted to begin a County Court claim for the refund of your charges but your claim will be put on hold pending the outcome of the OFT test case. Despite this, we recommend very strongly that you begin a County Court claim now!! If you are on benefits, you will not have to pay court fees. You should start a County Court claim to recover your money straightaway.

[suzieblooz]

Did your question get asked?

[Mr lex]

'Fraid not

Answers on the back of a postage stamp here:-

Uncorrected Evidence 1167

Cheers 42'