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The FSA are due to announce today (27th September 2007) the review of the complaints handling waiver.
There has been nothing posted on their website and there is yet to be a press release. I have called the FSA this morning and they are keeping tight lipped.
I know it is wishful thinking but the waiver could be revoked. Personally I believe the banks have failed to comply with the conditions set out in the waiver agreement, specifically in relation to the rules surrounding 'hardship cases'.
As soon as anyone has any news please post it here. In the meantime I will continue to check the press section at the FSA website.
Just spoke to someone at the 'waiver team' who eiither seemed to know precious little about it of was extremely cagey.
Although she said that the review was ''certainly happening'' she wasn't sure when it would be published. I reminded her that the FSA site clearly
indicated it was today, she said ''I suppose that's right then'' (?)
They seemed pretty sheepish this morning when I called.
Is it possible that the FSA has come under so much pressure for implementing the waiver in the first place that they are going to wait until tomorrow to see if the banks enter their defence(s) for the test case before releasing their report?
Perhaps the FSA know something we don't - like a possible compromise between the banks and the OFT?
All specualtion I know but we are always last to find out and we know how the Banks FSA, OFT and fos were all in secret discussions before the July 27th announcement.
I know what you are saying but I definately think that they will have to make some sort of announcement soonish - if only to clarify the situation around hardship claims.
Have heard from the FSA - waiver is currently being reviewed - no announcement will be made in the near future - look to the end of october for an update from them - it sucks I know - but there it is.
With all the complaints about the hardship cases you would think they would say something!
What a bunch of wasters.
ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE either SPML/PML/LMC/SPPL; the following are DIRECT tel#s, of the investigating & prosecuting organisations:
DO NOT say you are from CAG-only directly affected or a concerned citizen. 1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633 2. CH : Lee Jenkins(prosecuting Amany Attia for SPML/PML) @ 02920 380 643 3. CH : Mark Youde(accounts compliance) @ 02920 380 955 4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108 (part of the Insolvency Service) investigating all the Lehman lenders 5. CIB : Jeremy Pilcher('unofficial'-consumer/company law) : @ 0207 637 6231
__________________ File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!
Have heard from the FSA - waiver is currently being reviewed - no announcement will be made in the near future - look to the end of october for an update from them - it sucks I know - but there it is.
You've just got to laugh really havn't you. It's like they havn't quite grasped the concept of time. It reminds me of the BBC news 24 trailer where the Vatacan correspondent quotes them as saying ''we work in years, not days''.
I'm actually seriously disappointed with them and have made it clear that if they do not intend to release any findings on the waiver review then they should put out a press release to clarify this position.
But I'll be laughing when they are taken to a judicial review..............
Makes you think they have something to hide doen't it!
ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE either SPML/PML/LMC/SPPL; the following are DIRECT tel#s, of the investigating & prosecuting organisations:
DO NOT say you are from CAG-only directly affected or a concerned citizen. 1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633 2. CH : Lee Jenkins(prosecuting Amany Attia for SPML/PML) @ 02920 380 643 3. CH : Mark Youde(accounts compliance) @ 02920 380 955 4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108 (part of the Insolvency Service) investigating all the Lehman lenders 5. CIB : Jeremy Pilcher('unofficial'-consumer/company law) : @ 0207 637 6231
__________________ File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!
It's interesting that they were talking about an ''expected'' OFT test case
in the June minutes. I also noticed that they spoke about realeasing a letter to Tony Blair under the Freedom of Information Act but that some
of it would be censord.
Iv'e had a call back from a John Bromberg from the FSA waiver team in answer to my call yesterday to clarify the timetable for the waiver review.
The review hasn't in fact even started yet and will comence on 4 October.
When I challenged him that their waiver anouncement clearly indicated it would take place 2 months from the date it was issued, he said there was
a week's ''grace'' so that a full 2 months ''data'' could be received from the
banks.
They ''hope to have the review concluded by the end of October'' and will
be publishing ''an overview of it sometime in November''.
Asked what evidence they will be relying upon to judge whether the conditions of the waiver are being met by the banks ie filtering cases of
hardship, he said, astonishingly, that they will be assessing complaints made to the.........wait for it....Banking Code Standerds Board.
If its complaints to the Banking Code Standards Board that he wants I suppose we can arrange a flood of them for him.
But WTF? : The FSA includes details of financial hardship in it OWN waiver. And then passes the buck to the Banking Standards Board when people call them to task on it and simply ask for clarification. It's bonkers.
Lets go for that judicial review CRFX, surely you've got enough to go on now....
Any failure to fulfil a commitment or carry out an obligation under the Codes constitutes a ‘breach’. The seriousness of breaches can vary widely, from the simple and easily rectified, to major incidents or systemic failings. Whether or not we will take action over the breach depends upon its seriousness, which is assessed according to factors that are set out in the Compliance Policy contained within the Banking Code Rules. You can find these documents on our website.
We will launch a formal investigation, with a view to possible disciplinary action, only where there are grounds for suspecting a “material breach” of the Codes, as defined in our Compliance Policy.
A “material breach” will typically be a breach which has affected a large number of customers, was systematic, continued for a long period or is suspected of having been knowing or deliberate.
In the case of a non-material breach, BCSB has to recognise that mistakes do inadvertently occur, even in the best managed businesses. In those circumstances, we require banks, building societies and card issuers to take steps to put the mistake right as soon as possible. They must keep records of each breach.
FSA - Bank Charges 'Waiver Review' TODAY
could be revoked. Personally I believe the banks have failed to comply with the conditions set out in the waiver agreement, specifically in relation to the rules surrounding 'hardship cases'.
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Originally Posted by alecmac18
