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Continuous Payment Authorities - LTSB and Santander admit not complying with the Law !!


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Continuous payments

BBC Radio 4's Money Box

Saturday, 28 April 2012 at 1204 BST On Radio 4 and Online

Two of Britain's biggest banks have failed to give some of their customers their legal right to cancel recurring payments set up to pay for services like gym membership, internet security or payday loans

The admission came after Money Box raised the issue with Lloyds Bank and Santander who both admitted that they had not always complied with the law.

 

 

For full story

http://news.bbc.co.uk/1/hi/programmes/moneybox/9717053.stm

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At least they finally admitted it. However i bet neither of them will face any kind of prosecution.

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Simples. Raise their conduct with FOS.

 

The FSA have already confirmed that banks can cancel any CPA's without you having to obtain the originator/PDL first.

 

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments

 

"Cancelling a regular card payment

When you give your credit or debit card details to a company and authorise them to take regular payments from your account, such as for a gym membership or magazine subscription, it is known as a ‘recurring transaction’ or ‘continuous payment authority’.

 

These are often confused with direct debits, but do not offer the same guarantee if the amount or date of the payment changes.

 

In most cases, regular payments can be cancelled by telling the company taking the payments. However, you have the right to cancel them directly with your bank or card issuer by telling it that you have stopped permission for the payments. Your bank or card issuer must then stop them – it has no right to insist that you agree this first with the company taking the payments.

 

Be aware though that you will still be responsible for paying any money that you owe"

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