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.
"The Office of Fair Trading has attacked Britain's high street banks for generating more than £8bn a year from current accounts that are too complex and fail to offer customers transparency
The OFT said that banks are raking in £8.3bn a year from complex current accounts which customers do not understand. A significant number of customers do not know how much they actually pay in bank charges, either before or after they are incurred, it added. The total average unauthorised overdraft balance in 2006 was £680m, generating penalty fees of £1.5bn alone. In its report today, Personal Current Accounts in the UK, the OFT said that current accounts 'are not working well' for consumers."
"The Office of Fair Trading (OFT) today threatened to report banks to the Competition Commission after finding that the current account market did not offer good value for customers. Following an investigation by the competition watchdog into the £8.3 billion current account industry, John Fingleton, chief executive of the OFT, said that retail accounts were a "vital gateway to effective participation in the economy. "But this market is not serving customers well," he said. "There is much the banks could do to improve how the market works." Banks make an estimated £152 per year per active account. The OFT will spend the coming months working with banks and consumer groups to improve the industry but, if necessary, would consider imposing heavier regulation of current accounts or making a referral to the Competition Commission.
The OFT found that a significant number of bank customers did not know how much they paid in bank charges, even after they have incurred the charges. The investigation found that about 1.4 million people pay more than £500 a year in bank charges, hitting "vulnerable" low income earners. More than 75 per cent of people do not know the credit interest rate offered on their account. Meanwhile, complexity of accounts made it extremely difficult to compare them, the OFT said. Just six per cent of customers surveyed by the watchdog switched their account in the past 12 months, making Britain's one of the lowest switching rates in Europe. Banks are opaque about how they derive revenue from current accounts, with 81 per cent of their income coming from bank charges, worth about £2.6 billion a year. Current accounts generate more revenue for banks than savings and credit cards combined, the OFT said. The damning findings come in the wake of the OFT's recent High Court win over the bank on the legality of unauthorised overdraft charges. Banks have appealed against the verdict and a second hearing on whether the charges are unfair and what a fair charge would be has been delayed until the appeal is heard."
"An Office of Fair Trading report on personal accounts found that there was a lack of transparency in the way banks operated and that competition was not working in the market. The study found that banks make £8.3bn from personal accounts - more than they reap from credit cards and savings accounts put together - but that 81% of this income is made "opaquely". It revealed that £2.6bn came from overdraft charges while a further £4.1bn was "net credit interest income" - the profit made after banks have paid customers their interest. The watchdog also found that more than three quarters of consumers did not know how much interest they should earn on their accounts. It said this lack of understanding accounted for the low rate at which Britons switch banks. Only 6% of consumers have changed banks in the last year - one of the lowest rates in Europe. OFT chief executive John Fingleton said: "Personal current accounts are a vital gateway to effective participation in the economy. "But this market is not serving consumers well." He went on: "Customers lack the information they need to choose the best deal, and this in turn weakens the banks' incentives to compete. "There is much the banks could do to improve how the market works, and we hope this report will encourage them to take steps to do so in the near future." But the British Bankers' Association said the report did not take into account the cost of providing the services. It said: "The OFT's market study contains many good points but some of its numbers are difficult to rationalise as they use assumptions and averages and, importantly, do not recognise the costs of providing the services. "UK banks offer a wide range of products and services and are committed to providing their customers with high quality service and accounts to meet all their financial needs. "The retail banking market is open and competitive."
Re: OFT slams high street banks over 'complex' current accounts: The Telegraph- 16/07/08
I like the look of note 8 on page 4 of the EXECUTIVE SUMMARY
it reads: "during the course of this market study, the OFT has seen bank`s internal documents on the level of charges that include statements such as: `in order to maximise fee revenue, whilst maintaining our competitive position, selective increases in (insufficient fund s charges) are proposed`, and `increasing (insufficient funds) charges will have less impact on our marketing position..... due to its lower visibility`
makes me wonder, do they have these documents and will they be using them at the next test case hearing?
Re: OFT slams high street banks over 'complex' current accounts: The Telegraph- 16/07/08
Hello my friend Stone!! I hope you and your family are really well!
The documents will hopefully surface, there's cartainly lots that could help our case, but, will that happen? There is evidence in our favour, absolutely everywhere, it depends on what is called as evidence during the case.
Re: OFT slams high street banks over 'complex' current accounts: The Telegraph- 16/07/08
Originally Posted by kennythecelt
Hello my friend Stone!! I hope you and your family are really well!
The documents will hopefully surface, there's cartainly lots that could help our case, but, will that happen? There is evidence in our favour, absolutely everywhere, it depends on what is called as evidence during the case.
Nice to catch up!
All keeping well Kenny, nice to catch up !!
stating to get busy at work again, but will make time to keep up with all friends here, like tilly, rough patch at the mo, and one or two others. help out where I am able or give directions when i am unable.
OFT slams high street banks over 'complex' current accounts: The Telegraph- 16/07/08
balance in 2006 was £680m, generating penalty fees of £1.5bn alone.
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I hope you and your family are really well!
Originally Posted by kennythecelt
