new MSE OFT post

[crfx250]

Martin Lewis has just put this up on MSE

 

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OFT puts bank charges announcement on hold.

Last week the Office of Fair Trading announced a detailed investigation into all bank account charges, delaying giving an opinion on the right level for fees.

 

 

What does this mean?

 

For consumers, the impact is negligible for the moment. What it does mean though, fantastically, is that the current Bank Charge Reclaiming process can go on as it has been, and people can continue getting £1000s back.

 

Why has the OFT done this?

 

My suspicion is it decided to do this, rather than give the expected announcement on fees, as it couldn't win otherwise.

 

The OFT can only give an opinion; if it'd effectively said banks must drop the fees, the banks would've ignored it; if it only said they must drop them to £15, then I, amongst others, would've said "ignore it and carry on reclaiming".

 

This bank-by-bank study it's now doing means when it gives its opinion, if banks don't comply, the OFT can go to Court to get a legal ruling. All this could take up to a year, meanwhile CARRY ON RECLAIMING.

 

Please give your thoughts on this announcement (or lack of it!) by replying to this thread.

 

Martin

[Isiris]

http://www.moneysavingexpert.com/images/Bankchargesrefundletter_tn.jpg

 

im more concerned that the above is classed as a MSE success when all it offeres is half the amount but then tells them 67.50 of charges will stand

[JonCris]

Ignore all of this huffing & puffing from the chocolate regulator. He had an opportunity to take the credit card companies to court to determine once & for all whether or not their penalty charges are lawful. Had he done so the banks would have fallen into line.

 

What did he do! although still clearly unlawful, he gave them a figure of £12, to hang their hats on.

 

Most of the CC's continue to charge £25-35 & the OFT does nothing. This is not an agency that can be relied upon to protect consumers it's there to give a veneer of enforcement.

 

Its needs to be abolished & an agency with power free from the clutches of the money lenders formed to police these appaling firms

[kippy2]

Martin Lewis has just put this up on MSE

 

-----------

 

OFT puts bank charges announcement on hold.

Last week the Office of Fair Trading announced a detailed investigation into all bank account charges, delaying giving an opinion on the right level for fees.

 

 

What does this mean?

 

For consumers, the impact is negligible for the moment. What it does mean though, fantastically, is that the current

Bank Charge Reclaiming process can go on as it has been, and people can continue getting £1000s back.

 

 

Why has the OFT done this?

 

My suspicion is it decided to do this, rather than give the expected announcement on fees, as it couldn't win otherwise.

 

The OFT can only give an opinion; if it'd effectively said banks must drop the fees, the banks would've ignored it; if it only said they must drop them to £15, then I, amongst others, would've said "ignore it and carry on reclaiming".

 

This bank-by-bank study it's now doing means when it gives its opinion, if banks don't comply, the OFT can go to Court to get a legal ruling. All this could take up to a year, meanwhile CARRY ON RECLAIMING.

 

Please give your thoughts on this announcement (or lack of it!) by replying to this thread.

 

Martin

 

omg *sigh* OFT cannot go to court to get a ruling! *sigh*

[JonCris]

The OFT have stated that they are concerned that any adverse finding by them will result in the loss of 'free' banking.

 

They just don't get it do they