H.O.L Test case appeal. Judgement Declared. ***See Announcements***

[yourbank]

That is about the FSA Waiver which to be honest is not surprising since the OFT Test case is nearly at the half way stage and the waiver is not going to be revoked until it is fully completed.

[InformedSearcher]

Alas for the millions still waiting (including myself) it's cold comfort that the HoL decision needs to take so much time and what or why? Notwithstanding the waiver being extended for another 6 months. Hang on was there not something about doctors and the law and who gets these type of jobs? I, for one, rest my case.

Michael

[yourbank]

"9. (1) This direction takes effect on 27 July 2009.

(2) This direction ends on the earlier of:

(a)

26 January 2010; or

(b)

resolution of the test case. For this purpose, resolution occurs when judgment has been entered in relation to all issues in dispute in the test case (including, for the avoidance of doubt, any issues which the Court agrees should in future be introduced into the case by way of amendment or otherwise) and the resulting orders either cannot be the subject of appeal or have not been the subject of appeal in circumstances where the time for doing so has expired, or when proceedings are otherwise discontinued.

However, provisions of this direction that are expressed to continue beyond its termination continue in force in accordance with their terms."

 

The FSA Waiver. Even if the HoL decision is made the waiver will not be revoked since the case is not resolved.

http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_monthly_0790.pdf

The above is the waiver if you would like to read it and see all the provisions within it.

[woodwa5]

Given that the Tories have said they will scrap the FSA should (when) they come to power, do you think the waiver will outlast the FSA?

[yourbank]

Given that the Tories have said they will scrap the FSA should (when) they come to power, do you think the waiver will outlast the FSA?

 

Depends if you believe the words of a politician looking for votes in an election year?

[car2403]

Given that the Tories have said they will scrap the FSA should (when) they come to power, do you think the waiver will outlast the FSA?

 

Don't believe what you're told - ultimately, a change in name is likely, but the result would probably be the same.

 

A Rose by any other name will still smell as sweet, apparently.

[woodwa5]

good point ;-)

[car2403]

Depends if you believe the words of a politician looking for votes in an election year?

 

Snap!

[yourbank]

Snap!

lol.... they do say great minds think....so my great friend now for the Middle East

[car2403]

lol.... they do say great minds think....so my great friend now for the Middle East

 

Na, I'm stumbed working out what's for tea...

[srfrench]

Keeping this on topic.........2 months to go

[Dipply75]

Friend of a friend works in branch for Bank of Scotland and she is aware of my views and my membership to CAG. In the beginning we had discussions where the level of 'mis-training' she received really showed, she would argue the usual stuff the banks have spouted.

 

She has seen the light and let me know about a memo that sent to the branch from head office last week.

 

Memo states that regarding the OFT case - NO charges would be refunded until AT LEAST 2012 under their plans for dealing with this case, and they would now be bringing in a policy that they will only refund ONE charge every 3 years.

This the message passed onto me but am trying to get hold of a copy of this to (hopefully with mods permission) post up. At the very least see the details for myself and be sure I am posting accurately.

[noomill060]

The Bank of Scotland will do what the Law Lords damn well tell them to...

[JonCris]

Dipply if you DO get hold of it & there's no risk to your informant you MUST post it ALL over the web AND send a copy to both the HoL and the OFT with a note avering to it's authenticity

[the_shadow]

Dipply if you DO get hold of it & there's no risk to your informant you MUST post it ALL over the web AND send a copy to both the HoL and the OFT with a note avering to it's authenticity

 

Some of the press will love a memo like that also ;-)

 

S.

[JonCris]

Almost forgot also send a copy to Alistair Darling and your MP

[tinkerbell20]

Almost forgot also send a copy to Alistair Darling and your MP

 

 

What is it with that bank and its predeliction for publishing damning memos!!

[Conniff]

The Bank of Scotland will do what the Law Lords damn well tell them to...

 

Maybe - but only if they feel like it.

[yourbank]

What is it with that bank and its predeliction for publishing damning memos!!

 

Wrong Bank tinkerbell, I stopped leaking RBS ones when I got sacked

[InformedSearcher]

I have to say I'm surprised any bank would send such a memo. The normal attitude is simply 'business a susual and we will wait and see'. To prempt serious stuff like that is certainly unprofessional. In fact banks tend to not start 'informing' their staff till the customers know. LOL

Michael

[mailmannz]

Look at it this way.

 

Will change come? Yes.

 

Will change come quickly? No.

 

Given that the Tories wont be voted in for at least another year...you just cant go scrapping worthless organisations like the FSA overnight, no matter how much you want to.

 

The reality is that we are at least several years away from the FSA being closed down and the Bank of England taking back all the powers it lost under Gordon Brown (and doing the job they should have been doing for the last 10 years, which should have protected the country from todays depression).

 

Mailman

[srfrench]

I have to say I find that memo deeply suspect. (I don't doubt your friend's honesty.)

 

I think it may refer to the current status quo. If this was in relation to post-House Of Lords ruling if it goes our way, (and let's face it, it can go no other way in reality) then the bank leaves their Directors open to FRAUD and as such would merit the FSA and SFO to investigate and prosecute.

 

Basically all we can do is wait till October I'm afraid guys but and official communique's from the Bank's internal systems would be gratefuklly received.

[Dipply75]

I have to say I find that memo deeply suspect. (I don't doubt your friend's honesty.)

 

I think it may refer to the current status quo. If this was in relation to post-House Of Lords ruling if it goes our way, (and let's face it, it can go no other way in reality) then the bank leaves their Directors open to FRAUD and as such would merit the FSA and SFO to investigate and prosecute.

 

Basically all we can do is wait till October I'm afraid guys but and official communique's from the Bank's internal systems would be gratefuklly received.

 

I am trying to find out as much as possible so I know I am posting accurately but could this just be an indication of the bank being aware they will be paying out but showing their intent to drag this out even further and confident of another 2/3 year delay (despite their assurances they are not )

[alanfromderby]

I think we have to look at the context of this.

 

Clearly they have staff that are seeing news reports, and getting customers reminding them of how badly the case is going for them, such that they are floundering about what to say.

 

This memo will be purely to make sure that the staff at the front line keep to the party line, ie. we are going to win, and even if we don't the matter is likely to drag on for a considerable time yet, so don't expect a refund any time soon.

 

I am guessing that the author of the memo is not even that close to the legal team, and is also just towing the party line and attempting to maintain morale at the front line.

[tinytot]

Apologies as I know the relevancy is very loose here, but banks in Australia and New Zealand are also being impacted by overdraft charges, so much so that National Australia Bank and Bank of New Zealand have now opted to stop imposing charges altogether. Apparently this is because of the number of complaints received from customers charged $25 for being a $1 overdrawn.

If only UK banks could see the light....

 

Link

 

PS I read the board often, I just don't contribute as everyone is so much more knowledgeable than me... and apologies again