OFT throw in the towel

[spamheed]

So they can't stop the banks from Trading Unfairly, they can't enforce a statute that is already in place and they can't protect the public from financial institutions who want to charge exhorbitant fees.

 

So can anyone tell me: what is the actual purpose of the OFT?

 

BBC News - Regulator drops bank charges case

[Big_Bother!]

Typical idiots ruining this country

[frettful38]

To lead the public on a wild goose chase and keep their minds focused on the false hope that they will get some sort of justice.

 

The OFT should be sued for misleading us , they knew what they were doinf right from the start, its all a game for them

[rameses_qc]

Errrrrmmmm..................I can't think of any reason they exist

[vjohn82]

No heart... or some backhander was negotiated.

 

I can't think of any reason for a regulator to exist where they can't regulate.

[sillygirl1]

I think the OFT should be closed down for incompetence - they have never taken their authority over these companies seriously and seem to exist to 'shore up' the establishment.

 

Its also another example of the big boys manipulating the legal system in their favour and scaring off any recognisable competition.

 

I think the OFT are as much use as a chocolate teapot.

[the_shadow]

Office of Farce Trading?

 

Nothing I have seen dissuades me from the thought that a deal has been struck "somewhere".......... for the historic charges case to be put to rest and new "fairer" i.e. less small print perhaps on new charges.

 

The banks clearly cant afford to pay out yet more "tax payers money" repaying yes you've guessed it tax payers.... and so long as a deal is struck on future charging, Brown/Darling will trumpet it as "another" succesful campaign on behalf of the great British tax paying public.

 

Yes I'm a cynic

 

S.

[spamheed]

They (The banks) lose two court battles and appeal and win in the supreme Court when all of the evidence is that they are in the wrong?

 

and then the entire claim is dropped in favour of a non legally enforceable agreement?

 

It stinks, This government are rotten to the core and the sooner My lottery numbers come up and I can afford to live elsewhere..... the better

[rameses_qc]

Trouble is, the banks hold all the financial power in this and other countries. The Government will never let the OFT do anything to upset them. That's the ONLY reason they have shied away. In anycase, the Judges will uphold anything that the banks say, as they are controlled by Government in things lioke this (even though they're supposed to be independent)

[palomino]

I think the essence of the whole affair is that 'fairness' isn't a legally-recognised concept.

[spamheed]

Fairness is only a legally recognised concept when applied to the reclaiming of MPs unlawfully claimed expenses.

[247orbital]

I knew they'd bottle it,the banking sector is in crisis. Personaly I think it just came at the wrong time for the consumer. Be prepaired for more changes regarding banking practices in favour fo banks.

 

Justices, fairness are things that no longer apply to this country.

[lickthewallfatboy]

I've been saying this about the OFT and the like for a long time

 

Hate to say I told you so,but....

 

"I told you so"

 

People-as far as possible you need to organize your affairs to make sure that your exposure to the banking system is as limited as humanly possible

 

Cash was,is,and shall be king in our household

[PGH7447]

I see the boss of the OFT was on TV this morning stating the bleeding obvious that they are not going to try again, but are Hoping tha the banks play fair - idiot

[UnmoderatetheNet]

No heart... or some backhander was negotiated.

 

I can't think of any reason for a regulator to exist where they can't regulate.

 

 

Had we won this would have cost the banks billions,they would have lost a revenue stream that generates billions and they would have to right off billions in OD's.

 

Are you suggesting some underhand tactics were at play? Surely, not, how dare you suggest such a thing, that would never happen in country like the UK.

[lickthewallfatboy]

we have reduced our exposure to HBOS by paying the mortgage the minute my ill-health works pension hits the bank using Visa Electron card over the phone,and when the benefits go in that we get via BACS,withdraw them to cash

 

still get some giros which the Post Office deal with,and direct debits on the account total 3,all for insurance

 

we hope to pay the house and car insurance in one go at renewal,doing away with 2 of them

 

it can be done....HBOS don't make a cold cent out of us,as we operate a basic account with no bells and whistles.They wanted us to upgrade to a "normal account" but we told them we were fine ,thanks!!

[Old Cogger]

Now is the time for all good people to come to the aid of the party -- Government Pensions Etc to only be paid via the Post Office, close all Bank Accounts where possible or Leave main stream Banks, 2 months of non use of banking system bring to their knees?/ only an idea, remember people power, call on all politicians to give proper power to the Regulatory Authorities or disband them.

[lickthewallfatboy]

what he said ^^^^

[spamheed]

Now is the time for all good people to come to the aid of the party -- Government Pensions Etc to only be paid via the Post Office, close all Bank Accounts where possible or Leave main stream Banks, 2 months of non use of banking system bring to their knees?/ only an idea, remember people power, call on all politicians to give proper power to the Regulatory Authorities or disband them.

 

 

This is the whole point, if everyone could avoid being excessively overdrawn, or prevent their becoming eligible for the banks special rates for the less well off then not only would the debt mountain be massively reduced, but the banks would get a financial smack in the mouth.

 

But it's not that simple, people do get made redundant, people do get paid late, or become victims of fraud, or simple benefits cock ups, the banks make it their business to target these unfortunate people and the Government by their allowing of the OFT to be neutered are showing that they approve of this situation.

 

They had their chance to let the banks go bust, but it wasd deemed to be not in the publics interest to do so.

 

They had their chance to put them back in their boxes when we bought them out/saved them/however you want to phrase it, but they didn't do so

 

And finally they had their chance to make the banks behave by enforcing existing laws and giving the government arm responsible for the safety of their consumers the powers to deal with it and yet again they refuse to do so.

 

I have a mortgage with Northern Rock, a bank which, in principle I have an interest in, yet the rate applied to my mortgage is a massive 4.25% above the BOE rate, this is the reason that Northern Rock are "repaying" the loan, not because of the actions of any politicians, or even the prudent management odf the bankers themselves, but because the politicians allow the bankers to squeeze their customers. This OFT cop out is just another extension of the same policy

[F_DCAs]

No, I can't see what point there is in the OFT.

 

Yes, I do think backhanders or arm twisting has gone on behind the scenes.

 

And no, I won't be voting for either of the two main parties.

[boswell]

Just another useless government 'quango' masquerading as a Consumer Knight in shining Armour.

Yet all they do is protect their fat salaries, Bonuses and no doubt inflation proof pensions.

[angry cat]

Issues like this one, will bring the government down;

not that anyone in their right mind will vote for them in the forthcoming election!

 

The OFT and Trading Standards are out of date and incompetant...

[itsamomentintime]

am i the only one who can feel something bigger coming from this whole episode?

[Jan4a]

We need the template letters - someone suggested all hitting the courts at the same time? sounded good to me.

[angry cat]

am i the only one who can feel something bigger coming from this whole episode?

 

No, you are not alone in your thinking...