OFT Bank Charges Q&A Update 14/08/08

[Michael Browne]

http://www.oft.gov.uk/shared_oft/personal-current-accounts/banksqa140808.pdf

[smutley]

thanks for the update .... roll on 2009

[yourbank]

Michael I read this and there was a part about charges for minors. Correct me if I am wrong, but I have never read the argument that the Credit Consumer Act which states that credit cannot be given to minors was ever mentioned by the oft(for reference Q4). That is very poor.

[veester]

good read

[car2403]

Does;

 

Wrote to banks with provisional views on fairness

 

And;

 

Depends on outcome of investigation & banks engagement

 

Mean that if the Banks agree with the OFT on the issue of fairness (and, presumably, the OFT's recommendations to make the system fairer for consumers) that a deal will be done "behind closed doors" and we will only see the fallout?

 

Also, if the Banks don't agree with the OFT (or their recommendations, if they have made them) what is the point of muddying the waters by issuing this timelime that suggests a deal is about to be done, exactly?

 

By the way, I have read point 6, but I'm suspicious and don't believe what has been said is right, which is why I'm asking the question here.

Edited August 24, 2008 by car2403

[JOSH_IOU]

 

Also, if the Banks don't agree with the OFT (or their recommendations, if they have made them) what is the point of muddying the waters by issuing this timelime that suggests a deal is about to be done, exactly?

 

Timelines can be changed.

[MarkieMark]

I was wondering if this drags on any longer could they not make an application the European Court Of Human Rights for taking so long????

 

They say reasonable time .. what whats reasonable?????

[yourbank]

Nope.

[MarkieMark]

why is that I wonder?