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Banks flout new rules on refunds

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Nothing new there then :rolleyes:

 

Banks are being investigated for flouting rules which were brought in only a month ago to protect customers from fraudsters. Since November 1, customers have been entitled to an immediate refund if they dispute a transaction, such as a cash machine withdrawal that went wrong or that they do not recognise.

 

Yet in some cases customers are being left to wait up to two weeks for their money while the bank investigates their claims. And only 38 days after the tougher banking laws were introduced, City watchdog the Financial Services Authority (FSA) is planning a crackdown amid fears that banks are stretching the rules.

 

The new European guidelines on payment services are designed to ensure that consumers are not left out of pocket if criminals commit fraud on their account. The laws, which are policed by the FSA, say a bank can hold onto the funds only if it has hard evidence that the customer has been negligent and this has to be more than the fact that the original card and Pin were used in the fraud.

 

In practice, the refund could be made after one or two days. It must also be backdated to when the fraud took place, so the customer does not miss out on interest. Under the previous system of self-regulation, banks’ investigations could take many weeks and customers were refused payouts merely because the bank ‘believed’ the customer had been negligent or deceitful.

 

Read more:

 

http://www.dailymail.co.uk/money/article-1234240/Banks-flout-new-rules-refunds.html#ixzz0Z9qKhKUn


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and the FSA (that toothless regulatory body) will do sod all again


PGH7447

 

 

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