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Treasury and banks could face legal action over Help to Buy Isa scandal


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Not sure if this is the right place for this. Perhaps it coul be moved if not.

 

 

 

 

http://www.telegraph.co.uk/news/2016/08/21/treasury-and-banks-could-face-legal-action-over-help-to-buy-isa/

 

The Government and banks could face legal action from thousands of savers over the Help to Buy Isa scandal, as experts said they may have broken consumer law by failing to make vital restrictions clear to customers.

 

Controversy surrounding the savings scheme for first-time buyers is mounting after the Telegraph reported savers were unable to use their promised 25 per cent Government bonus for deposits required when contracts are exchanged.

 

Legal experts and consumer campaigners said savers who had suffered financial loss as a result of wrongly being led to believe they could use the scheme for a deposit to buy their house had a good chance of winning if they took their case to court.

 

 

he restriction has come as a shock to many savers because major Isa providers including Halifax, HSBC and Natwest failed to mention the condition anywhere in their literature.

 

The clause was also missing from the official Help to Buy Isa scheme rules and until last week only appeared in an FAQ area of the Treasury's Help to Buy Isa webpage.

 

Following this newspaper's inquiry last Friday it quietly updated the site to include the wording on its front page.

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