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Office Of Fair Trading Test Case

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So is it business as usual for basic account customer's?

 

The release says the OFT are looking into Current account charges

 

The OFT case doesn't affect credit card, PPI or business account claims. Business as usual for these- so enough to keep us all busy!:D

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So are basic account claims involved cus mines been stayed.

The oft press release only mentions current accounts.

 

Have i miss understood? Its possible


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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So are basic account claims involved cus mines been stayed.

The oft press release only mentions current accounts.

 

Have i miss understood? Its possible

 

Despite whatever name banks put on them, day to day bank accounts whether basic or something more fancy are all current accounts. So yes, your basic account will be stayed because of it.

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Lol a credit card is simply a bank account number with a fancy name on the card. They arent affected so why are Basic accounts?


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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On 5th April 2005 the OFT announced that credit card institutions which did not reduce penalty charges to £12 (£16 for Egg) by deadline date 31st May 2005 might face court action mounted by the OFT. All credit cards complied by July 2005. This was a regulator ruling, not a court ruling. All court cases mounted by claimants over the past 2 years have been able to proceed because they were not in conflict with any OFT court action.

 

In April 2005 the OFT added that their £12 penalty ceiling also applied to banks and mortgagers, but all the banks and mortgagers laughed in OFT's face. Now virtually all Small Claims Courts have stayed cases of claimant-v-bank, because such cases would be seen as duplicating and some suggest contradicting the High Court verdict.

 

Credit card cases are currently able to continue unimpeded by stays, solely because the OFT has not yet announced a Test Case against credit card institutions.


 

 

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But if this is all down to contractual terms isn't using the terms current account's in a press release misleading?


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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This study follows an initial review carried out by the OFT into these charges. The finding of this initial review is that the OFT shares the public concern about the level and incidence of bank current account charges, but it recognises that the application of the general principles it set out in 2006 to the banking industry is not straightforward and that a more detailed examination is needed.

The decision to undertake a study reflects the OFT's desire to take a strategic approach to the examination of the fairness of these charges in the wider context of competition in the UK retail banking sector.

John Fingleton, OFT Chief Executive said: 'The UK retail banking market performs well in many dimensions, especially relative to international norms. However, the issue of bank current account charges is a matter of real concern to the banks' customers, and raises wider questions about competition and transparency of pricing. The initial scoping work we have undertaken has demonstrated to us that this is not only an issue for those people who are being charged, but also for customers who are not defaulting on their bank accounts.


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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Heres one for ya. The FSA Press release.

 

FSA publishes review of 'waiver' on the handling of complaints in relation to unauthorised overdraft charges

 

"The waiver we granted in July allowed firms to put complaints about unauthorised overdraft charges on hold until these complaints could be dealt with consistently and fairly. But it was important to review the operation of this waiver to ensure that it was working as intended. Our thorough review shows that it is appropriate for the waiver to remain in place.”

 

 

 

So direct debit charges are still reclaimable?


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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The OFT have announced that they do not expect judgement to be handed before the end of July.

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Right then everyone, where we all going on holiday courtesy of the banks and the 8% interest. (all being, that they dont appeal),

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happy days guys -

 

my case with Finincal Ombudsman - like many others - so what happens now - anyone know what we do next

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Round 1 won

 

Fantastic news :D


:madgrin:

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I know, I was biting my nails this morning waiting for the verdict. Heres to round 2. Go get them OFT.

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Stays will be considered on 22 May at a case hearing, the FSA has yet to announce any decision... so we wait;)


i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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I asked the FO this moring for advice on where we go now - reply posted below with obvious details blanked

Dear Mr xxxxx,

Our initial understanding of the High Court judgment is that it answers some of the legal questions about bank charges - but not all of them. And either side in the legal action - the banks or the OFT - might decide to appeal aspects of today's judgment.

So while we await further clarification, we will continue to keep complaints about unauthorised overdraft charges on hold.

We'll update you further as soon as we have more news.

yours sincerely

xxxx

Adjudicator

Financial Ombudsman Service

Tel: x

Fax: x

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So surely now the FSA must put halts on all new bank charges until the OFT has reviewed what level is fair and not fair?

 

Mailman

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You wish mailmannz:) Absolutley no chance of the FAS doing that........Hell will have to freeze over before the FSA will upset their mates

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So surely now the FSA must put halts on all new bank charges until the OFT has reviewed what level is fair and not fair?

 

Today from the FSA:

The OFT and the banks will need to review the judgment and decide if they want to appeal. Also, the court has so far only looked at the preliminary legal issues. It has not begun to consider more substantive issues around whether the charges are actually fair and/or lawful. For now, firms can continue to keep cases on hold under the terms of the FSA waiver (PDF).

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TideTurner: From my reading of the decision, that assessment is accurate only for the *present* T&Cs. The *historical* T&Cs operate on the breach-of-contract mechanism, unlike the present ones, and are thus subject to the common-law rules.

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Then consider that as they have been imposed rather than agreed between parties there may still be grounds for arguing breach of contract as well as UCCTR in respect of the new T's & C's

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Thanks Chromatix, as I understand, the Judgement was lengthy and is currently being trawled through by both sides. Maybe then we will get a statement from the OFT as to how they intend to deal with complaints. I doubt it will be before 22nd May, maybe a few days afterwards if no appeal filed.

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