Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Failing to honour commitments made in a code of conduct
7.11 The third category of commercial practices prohibited as misleading
actions is those where:
• the trader has undertaken to be bound by a code of conduct (or code
of practice), and indicates that he is bound by it in the commercial
practice,
and
• the trader fails to comply with a firm and verifiable commitment in
that code,
and
OFT931 34
• the average consumer takes, or is likely to take, a different decision
as a result
Of course, it would be interesting to see whether the OFT or Trading Standards have the will to conduct these kinds of prosecutions.
However, these new regulations look useful and we suggest people certainly give it a try. Don't allow yourselves to be treated like rubbish. Use these regulations to stand up for yourselves.
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
Re: New Law - Breach of the Banking Code can now be prosecuted by the OFT or Trading Standards
Now this could get interesting with Natwest/RBS and other banks that take charges right away
Section 5.5 of the Banking Code states "Before we take interest or charges for standard account services from your current or savings account, we will give you at least 14 days’ notice of how much we will take"
All my posts are made without prejudice and may not be reused or reproduced without my express permission (or the permission of the forums owners)!
17/10/2006 Recieve claim against me from lloyds TSB for £312.82
18/10/06 S.A.R - (Subject Access Request) sent
03/02/07 Claim allocated to small claims. Hearing set for 15/05/07. Lloyds ordered to file statement setting out how they calculate their charges
15/05/07 Lloyds do not attend. Judgement ordered for £192 approx, £3 travel costs and removal of default notice
29/05/07 4pm Lloyds deadline for payment of CCJ expires. Warrant of execution ready to go
19/06/07 Letter from court stating Lloyds have made a cheque payment to court
Bank customers who slip just £50 into the red could end up paying triple that amount in fees and interest.
Analysis of charges at eight big banks showed
theLloyds TSB Classic Plus account was the most costly at £165.36.
The next most expensive, at £95, was the Premier Direct Account from Alliance & Leicester. HSBC was cheapest at £25.10.
The fees were based in each case on a current account being overdrawn by £50 for two weeks.
There are simply too many threads in the Lloyds-Bank forum like the 3 above, provoked by Lloyds’ new penalty charges. Two years after the reclaim movement started, Lloyds more than any other bank appear to be spoiling for a fight, inflicting penalty charges several times harsher than before – daring customers to take them to court.
The following is a pdf scan of a leaflet sent out by Lloyds a few weeks ago. - did you receive one?
To quote Lloyds: “We promise we will treat you fairly and reasonably ….”
Yes sir. Lloyds will fairly and reasonably levy £200 penalty charges when you go £2 overdrawn.
We subscribe to the Banking Code. Not all financial institutions do. Doing your banking with someone who subscribes to the Banking Code gives you extra confidence. You should check that any other financial institution you deal with for banking services (such as savings accounts, current accounts, loans and credit cards) also subscribes.
The Banking Code sets minimum standards of good service that you can expect from banks, building societies and other providers of banking services. This leaflet tells you about our key commitments and responsibilities to you under the Banking Code.
Our key commitments to you
We promise we will treat you fairly and reasonably when providing you with products and services covered in this Code. We will keep this promise by meeting all of the key commitments shown below.
· We will make sure that our advertising and promotional literature is clear and not misleading and that you are given clear information about our products and services. • We will give you clear information about accounts and services, how they work, their terms and conditions and the interest rates which may apply.
We will help you use your account or service by sendingyou regular statements (where appropriate) and we will keep you informed about changes to the interest rates,charges or terms and conditions.
We will help you to switch your current account between financial institutions that subscribe to this Code.
• We will lend responsibly. • We will deal quickly and sympathetically with things that go wrong and consider all cases of financial difficulty
sympathetically and positively.
We will treat all your personal information as private and confidential, and provide secure and reliable banking and
payment systems.
We will publicise this Code, have copies available and make sure that our staff are trained to put it into practice.
To meet these promises, we will, as a minimum, take the steps and meet the standards set out in the rest of this Code.
How you can find out more
The Banking Code is updated regularly. The most recent edition came into force on 31st March 2008. It contains standards that cover: choosing products and services which meet your needs; • running your account; borrowing money; interest rates, charges and terms and conditions, and how you will be told about any changes to these; cards and PINs; • protecting your account and your personal information; • moving or closing your account; • dealing with financial difficulties; • complaints; and • dormant accounts and unclaimed assets.
Dormant accounts and unclaimed assets If you have money in a dormant or lost account it will always be your property or that of your legal heirs. In addition to proactive searching that we may undertake, if you ask us, we will tell you how to access these accounts. This also applies if we subscribe to the unclaimed asset scheme (due to be introduced in 2009) intended to make genuinely lost monies avai[able for community causes. Further information can be found on our website, by phoning our he[p[ine, by asking our staff or by visiting www.my[ostaccount.org.uk
How to make a complaint If you ask us, we will tell you how to make a complaint and how quickly we will deal with it. If we cannot settle the complaint to your satisfaction, you may ask the Financial Ombudsman Service to look into it. You can contact them at: SoL4h Quay Plaza, 183 Marsh Wall, London, E14 9SR. www.financial-ombudsman.org.uk
Copies of the Banking Code [f you would like a free copy of the Banking Code, you can get one from us. Or you can view and down load a copy from the British Bankers' Association's website at BBA – British Bankers' Association - Home.
Banking Code Standards Board The Banking Code is monitored by an independent organisation - the Banking Code Standards Board. It makes sure that any institutions which subscribe to the Code follow it and it can take action if any institution fails to do so. You can contact them at: Leve[ 12, City Tower, 40 Basingha[1 Street, London EC2V 5DE or via their website at www.bankingcode.org.uk
Re: New Law - Breach of the Banking Code can now be prosecuted by the OFT or Trading Standards
The fact is this: Banks arrogance was dramatically increased by this Labour Government as they gave banking execs free reign of the markets without any strong 'body' overseeing their practices and procedures. Many innocents individuals and families have been seriously affected by the POWER given to these bankers and their dismissive behaviour of the many who they have failed in their wake. It is appalling that many of us still bare the emotional and psycological scarring of appalling banking procedures, especially in commercial banking, whereby their Maladministration failed you even before you had the opportunity to trade. The BBA's 'Statement of Princples' is clear to me. it states FIRSTLY, that a bank MUST provide a Company director with an 'Offer Letter' prior to begining the funding procedure. Imagine a bank telling you it will take 5-weeks to fund your business and istead it takes 5-months? Your business is failed! If you have no 'offer letter' of security you are @*%&!! Mind you, when you are in this situation, not only doesn't the bank want to admit to its failings, the Banking Code Standards Board, British Banker's Association and, of course, the Financial Ombudsman Service, are all contributing negative factors who will make you life even more worse with stress - they do very little to challenge what is REAL!! All for the protection of our beloved banks!! Remind me who is meant to be protecting the people - the consumer??!!
Re: New Law - Breach of the Banking Code can now be prosecuted by the OFT or Trading Standards
Originally Posted by davethorp
Now this could get interesting with Natwest/RBS and other banks that take charges right away
Section 5.5 of the Banking Code states "Before we take interest or charges for standard account services from your current or savings account, we will give you at least 14 days’ notice of how much we will take"
I have just spent 7 hours looking into this and it seems that the Banking Code was recinded in November 2009. Now it just states
Interest
60. Before taking interest, subscribers should give at least 14 days notice of how much will be taken.
Charges
64. Subscribers should make available to customers information about any charges for overdrafts via:
• a telephone helpline;
• a website; or
• by asking staff.
65. Subscribers should tell customers personally at least 30 days before increasing an overdraft charge or introducing a
new overdraft charge.
66. Further guidance on charges information for current accounts, which are regulated under the Payment Services
Regulations, can be found at: http://www.fsa.gov.uk/pubs/other/PSD_approach.pdf
I am about half way through the 148 page document for Payment Services Regulations , PSR, and shamefully, I have read the entire FSA "The Handbook" which it seems is an attempt to create as much smoke as possible and a definate nothing to see here move along vibe.
There may be some hope in the PSR but I am not sure just how you would frame the information in relation to the act above.
Obviously you can argue the unfairness of those banks who apply charges instantly, but there is no longer a specific requirement I can see so far. I may be able to construe some other reg in this regard, working hard to find one.
Having just tried to go through the process of getting ANYONE to take the unfair trading act enforced, I have to say it is a waste of time on the level of the OFT/FSA,/Trading Standards, all of whom stated that it was the other persons remit.
FSA stated that they would not in any terms deal with the issue and to see legal advice if I think any alledged criminal activity has taken place as the FSA does not deal with criminal activity in banks....
A court may be more interested, maybe one more thing that could be placed in a POC?
One thing I learned today was just how uninterested the regulatory bodies are in actually regulating anything.
New Law - Breach of the Banking Code can now be prosecuted by the OFT or Trading Standards
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Originally Posted by davethorp
