FSA To Review Waiver

[alecmac18]

Thanks MacBoy - have just read my last post and my spelling is atrocious - very sorry.

 

Heres the petition to 10 downing st to sign:

 

Petition to: bring in new legislation to prevent the current abuse by banks and companys in relation to Penalty charges.

 

and there is another one specifically to get rid of the FSA wavier:

 

Make UK Banks Deal with Bank Charges - Online Petition

 

 

Mabye a site admin could and put them in a visable sticky?

[Destinyofsouls]

Thanks for the messge of support and the link, alecmac

 

Also thanks Jo Andrew Pelling MP added - but come on you lot, I need at least 10 out of you today!!!

 

 

Great stuff macboy- Keep up the pressure !!

 

There must be something else we can do to get more people over here. Why can't we get a sticky on the top of all forums, surely this is important enough to.

[Destinyofsouls]

Alecmac10

 

Why don't you contact all other claims companies and get them to send a letter in to their MP as well?

 

 

Thinking of a template............

[kog]

I have emailed my 7 local MEP's as well. Well I thought the more the merrier.

Them are Good thoughts

 

[alecmac18]

Oh - believe me - we are on it big time :-;

 

but we still need as much pressure as possible to get that wavier lifted.

[MacBoy]

Jo - you should treat yourself to one of these - print it out and stick on your fridge or bedroom mirror to keep you motivated

 

[Destinyofsouls]

Oh - believe me - we are on it big time :-;

 

but we still need as much pressure as possible to get that wavier lifted.

 

 

Must be the noise we are making that's making it wavier

[ohoh4312]

PMSL!!

 

Thank you MacBoy - it will be firmly attached the fridge, the mirror and my pillow:D

 

Brings a whole new meaning to "in your dreams" don't you think!?

 

Should I hit my MEP's too? Not literally of course!

 

I am just composing a letter to the local paper too - can I run it by you guys when it's done please?

 

Jo xx

[Destinyofsouls]

PMSL!!

 

Thank you MacBoy - it will be firmly attached the fridge, the mirror and my pillow:D

 

Brings a whole new meaning to "in your dreams" don't you think!?

 

Should I hit my MEP's too? Not literally of course!

 

I am just composing a letter to the local paper too - can I run it by you guys when it's done please?

 

Jo xx

Jo,

I think anything to raise the profile of this is worth it. Please post it when you have finished and we will certainly have a look. Thanks.

I am still very much bemused by the lack of people and mods/site helpers on here. Macboy, do you know something we don't?

[MacBoy]

DoS

I don't know anything that you don't, suffice it to say something's clearly afoot.

[penniless44]

Going back to the woman who was charged £30 for going £1 overdrawn. I was charged £50 today £30 for direct debit and £20 for overdraft for my £5 Cancer Research direct debit! Daylight Robbery!!

[Destinyofsouls]

DoS

 

I don't know anything that you don't, suffice it to say something's clearly afoot.

 

Yes Mac, It's a funny shaped thing on the end of your leg!!

[MacBoy]

DoS

 

::groan::

[ohoh4312]

Ok, this is what I have come up with to send to the local newspaper:

 

 

The announcement on 27 July 2007 that the “OFT are to commence litigation proceedings against the big seven banks to try and establish once and for all as to whether overdraft fees are actually unlawful” has left thousands of consumers including myself, reeling in shock.

Not that I don’t welcome the Test case – I do wholeheartedly; it is the FSA ruling in favour of the banks that has left me cold.

 

Until judgement is served on this case, which we all know could take years, the banks are allowed to:

 

Hold all new “complaints” re charges;

 

Request an indeterminate stay on all cases currently in the Court system;

 

Continue charging the Consumers, at the same exorbitant rate, for any “breaches of contract.”

 

Is this championing the rights of the Consumer? No, it is blatantly one-sided, and was agreed without any public consultation.

Granted not all Judges will agree to the stay applications, but it doesn’t bode well for the man in the street who is already out of pocket from submitting a Court claim. I have paid out £350 in court fees so far, which I may never recover if the ruling is given in favour of the banks, or I might just get it back, in 2/3 years time!

 

Is there any justice in the world? Right now I am not so sure.

 

 

I could have said a lot more, but I don't think the paper would print 2 A4 sheets! Reading it back now I don't know if it is punchy enough.

 

Any comments welcome - even if it is to tell me its pants!

 

Jo xx

[penniless44]

Sounds good but I think if you include the irony of the FSA's statutory objectives it might be a bit more punchy. FSA has 4 main statutory objectives as set out by the Financial Services and Markets Act these are:

• market confidence: maintaining confidence in the financial system;
  
• public awareness: promoting public understanding of the financial system;
  
• consumer protection: securing the appropriate degree of protection for consumers; and
  
• the reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.

There mission statement also states:

 

To promote efficient, orderly and fair markets and to help retail consumers achieve a fair deal.

 

How does this waiver fit any of the above requirements?!?!?! Beats me!!

[alecmac18]

Jo and Penniless - that sounds great - just the thing we need - its gets straight to the heart of the matter as well - which is important for the reporters - bless them - send it off now!!!!

 

definately not pants....

[alecmac18]

Jo - can I use a bit of your letter as well? I want to send it to a couple of reporters I know. Is that OK?

[Destinyofsouls]

Alecmac whereabouts are you based/

[MacBoy]

Jo

 

It's a great attempt and sounds good, but I'm not sure it makes the issue clear to a first-time reader, which is what it needs to do in a newspaper. Remember, in here, we're all something like subject matter experts now Suggest that you structure along the lines of the following:

 

1. Describe the issue: 'as many readers will be aware, on [date] the Office Of Fair Trading announced that it would be conducting a test case etc. etc..'

 

2. Pick up on your gripe: - 'what most will not be aware/what the media has chosen to gloss over etc...' then explain the FSA waiver.

 

3. Here I'd detail penniless44's explanation of the FSAs mission. Excellent stuff.

 

4. The central injustice: Banks allowed to stop dealing with complaints, consumers still face unfair charging. Denial of court access, possible Human Rights conontations. Why is the regulator protecting the regulated?

5. Call to action: encourage readers to complain - tell them how, direct them to CAG, get 'em signed up etc...

 

Just my thoughts for a structure - feedback welcomed!

 

Mac

[penniless44]

Jo, any more info you need on (especially FSA) regulation for the letter let me know as my job allows me access to documents which may help. There is an FSA letter where the FSA admits consumers are being treated unfairly to the point where 2 firms have been highlighted to their enforcement division for 'punishment'. This document is in the public domain but highlights the fact that the FSA on one hand are prepared to admit consumers are receiving a raw deal but on the otherhand turning a blind eye and impeding justice until this test case. do you need me to upload the FSA letter or shall I post it on here??

[Destinyofsouls]

Found on a web site. The last paragraph is important in my view and shows that we should be outting pressure on the Financial services consumer panel, sems they have the power to overturn this waiver.

 

The OFT says it has entered into an agreement with these providers in relation to the litigation process to facilitate an orderly and timely resolution of the legal issues.

News of the initiative was welcomed by a number of parties, including the Consumer Panel.

John Howard, Chairman of the Panel, said: "It is terrible that the issue of bank charges has been allowed to rumble on for so long, with thousands of consumers having to threaten action to have their cases settled.

"The test case will provide certainty and consistency for consumers in the way firms are dealing with complaints.

"We understand and support the decision to allow banks to suspend dealing with claims until the test case has been decided, but will be pressing the FSA to revoke the waiver if the test case becomes protracted and consumers are exposed to undue risk."

[kog]

The FSA suspended consumer rights to take action so its the FSA who the complaints should be directed towards and MP's since the FSA was setup by the government.

[Destinyofsouls]

The FSA is accountable to Treasury Ministers, and through them to Parliament. It is operationally independent of Government and is funded entirely by the firms it regulates. The FSA is an open and transparent organisation and provides full information for firms, consumers and others about its objectives, plans, policies and rules, including through this website. An area of this website provides information specifically for consumers on financial products, regulation and their rights.

[Destinyofsouls]

Off the treasury web site

Objectives:

 

1. maintaining a stable macroeconomic framework with low inflation;

2. maintaining sound public finances in accordance with the Code for Fiscal Stability;

3. improving the quality and the cost effectiveness of public services;

4. increasing the productivity of the economy;

5. expanding economic and employment opportunities for all;

6. promoting a fair and efficient tax and benefit system with incentives to work, save and invest;

7. achieving a high standard of regularity, propriety and accountability in public finance;

8. securing an innovative, fair dealing, competitive and efficient market in financial services, while striking the right balance with regulation in the public interest;

9. promoting UK economic prospects by pursuing increased productivity and efficiency in the EU, international financial stability and increased global prosperity, including especially protecting the most vulnerable.

[penniless44]

Agree that the FSA is the way forward. Been looking through documents today and although waiver does not fit it's statutory objectives (see my earlier post above) you could even argue that the banks who must follow FSA regulatory guidelines are breeching rules.