FSA To Review Waiver

[ja-de]

My email has been sent to John Battle, who is my local MP in Leeds West.

 

[MacBoy]

Oh this is great guys - I've been away working for a few hours and the thread has been transformed - it's taking off now!

 

Just a thought - anyone here with a bit of rep over at MSE? - we could do to share this idea with them, methinks - they vastly outnumber us and it would really add some traction!

[Destinyofsouls]

This is starting to happen now. Thanks to everyone who has sent off letters.

Anyone on You Tube? ( I'm a bit old for that) Facebook? or is that American?

What about all the National and local papers?

All the Students union web sites?

All the NHS web sites ? They will have e mail addresses

[Destinyofsouls]

Oh this is great guys - I've been away working for a few hours and the thread has been transformed - it's taking off now!

 

Just a thought - anyone here with a bit of rep over at MSE? - we could do to share this idea with them, methinks - they vastly outnumber us and it would really add some traction!

 

 

I have sent a PM to one of the mods over there asking for their help with a link to this thread.

[MacBoy]

Great stuff DoS

 

PS - kog: Unfortunately the mod I wrote to this morning has stepped down, unfortunately - have passed my PM over to the lovely Sea-SideLady to get some feedback on using the CAG URL - will keep you posted as I said!

[jontah 2006]

In the abscence of anything else, have a look at this letter to your MP. Please let me have any comments and any way of improving it.

Thanks.

 

The link to the MP is here ( thanks davebeek)

WriteToThem.com - Email or fax your Councillor, MP, MEP, MSP or Welsh, NI, London Assembly Member for free

 

 

 

 

 

 

Mr xxxxxxxx MP

xxxxxxx

xxxxxxx

xxxxxxxxxx

 

 

1 August 2007

 

 

Dear Mr xxxxx,

 

I am one of your constituents in Anytown. I write to you in the hope you can help me in my plight with the bank and in particular the FSA.

 

You may be aware that on 27 July 2007, the OFT commenced litigation proceedings against the big seven banks to try and establish once and for all as to whether these overdraft fees are actually unlawful.

 

Whilst we agree with this course of action, the FSA has waived the regulation that enforces the banks to process claims of this nature until the outcome of this hearing.

This means that any claims going through the banks now for reclaiming charges (sometimes in their thousands) are put on hold and will not be processed for what could take up to two years if any appeals are allowed.

 

The FSA has also allowed the banks to apply for a stay in all court proceedings of this nature until the case has finished. The Banks are now to apply to the Master of Rolls to issue a blanket stay on all court hearings.

 

This is a ridiculous situation for all local people who are in the process of reclaiming charges. And, just to rub salt in the wounds, they have allowed the banks to keep on charging!!!

 

The majority of the people I have spoken to ( including myself) were not able to afford the court fees to take the claim to the next step. They have had to save every spare penny to raise the £120.00 needed so they could take the bank to court. In some cases where the claim was over £5000.00 they have had to stump up £250.00, something which was very, very hard for these people to find, considering it was the high cost of these charges that have put them in this position. Some even took out short term loans so they could take the bank to court to try and recoup some of these charges. They are now left with no claim, no compensation and hundreds of pounds out of pocket.

Although there may be a slim chance of them being able to recoup some of the court costs, the issue is that they should be allowed to continue with this claim and get their charges back, as have thousands of consumers all over the country.

 

To allow the banks to still charge and not allow the consumer the right to reclaim is against everything the FSA and the OFT and the FOS are supposed to stand for.

 

The OFT web site states :

 

The OFT is responsible for making markets work well for consumers. We achieve this by promoting and protecting consumer interests throughout the UK, while ensuring that businesses are fair and competitive

 

The FSA website states :

 

We have a wide range of rule-making, investigatory and enforcement powers to enable us to meet four statutory objectives summarised as one overall aim: to promote efficient, orderly and fair markets and to help retail consumers achieve a fair deal

 

The FOS Website states;

 

So when we look at a complaint, we give both sides a fair hearing.

 

Protecting consumer interests? - help retail consumers achieve a fair deal? Give BOTH sides a fair hearing? One word that appears in all of their statements is FAIR. How is this fair?

 

How can they be protecting the consumer interest by stopping them reclaiming what is rightfully theirs and still allowing the banks to charge these ridiculously high penalty charges.?

 

I understand that the banks disagree they are unlawful, so why have they kept paying out to consumers at the rate of around £500 million in the last 12 months? This alone should tell the FSA that the consumer has to keep claiming against the banks.

 

This situation alone will save the banks hundreds of millions of pounds, firstly through not paying out claims, not having to pay legal fees and more importantly, due to the Limitation Act 1980, the longer this case goes on the more they will save under the 6 yr rule of the above Act.

 

So, whilst this will save the banks money, the consumer goes further and further into debt by having charges still applied.

 

This is just the tip of the iceberg Mr xxxxx, I am sure there are many more people out there that will be destined for financial hardship as a result of this legislation. Not to mention the hundreds of thousands of consumers all over the country who have started their claims and some may also be made bankrupt by allowing the banks to still charge. All this caused by a regulator who is supposed to have the consumer in their best interest.

 

I would like to see how they explain that this benefits them. The problem with all this is, it was all done behind closed doors for months without anyone knowing except the banks, the FSA , the OFT and the FOS, and then, without a care in the world for consumers or anyone else, put into practice. The nice little arrangement that the banks had already sorted with the FSA, the OFT and the FOS, the three regulators set up to protect the public. Mr xxxxxx, someone is having a laugh at your constituents’ expense and it is not the slightest bit funny for us.

 

I also understand that It could also interfere with our rights under the European Convention on Human Rights directly and as enacted in the Human Rights Act 1998.

 

 

Art.6 1. of the Convention provides that “ In the determination of his civil rights … everyone is entitled to a fair and public hearing within a reasonable time.”

 

 

It is unreasonable to allow an indeterminate stay which depends on some litigation unconnected to the instant case, between other parties who have no relation to the parties in the instant case.

 

It is not clear that the matter will be heard as predicted and in the event that it does go to trial, there could then be appeals and subsequent appeals so that the matter might become protracted and even last as long as 3 years or more – from the date of the commencement of trial.

 

I sincerely hope that you can help us in getting the FSA to revoke this unfair and biased legislation and allow the consumer to continue to fight for what is rightfully theirs.

 

I thank you for you time.

 

 

 

this IS a response from my MP:-Dear xxxx I understand this problem as I have been dealing with it for another constituent there was a court ruling yesterday I am told but I have not yet seen the written ruling can I suggest that if you contact my office next week we can arrange to meet at my surgery please phone my office on Monday on 0207 219 8326 to arrange this Yours Sincerely Lee

[Destinyofsouls]

Great stuff, Maybe the message is being driven home now.

 

 

Woder what the court ruling was they are referring to?

 

On the news:

Repossession are up 30%

Bankruptcies are up

And the banks are making Billions!

 

These claims in their thousands are just what a lot of people need to get their bank account settled and then could possibly avoid future charges. But now all they can look forward to is more charges

[MacBoy]

Guys

As before - please could we cut down on unnecessary quoting of long passages? It makes navigating and understanding the thread really heavy going. Cheers!

[MacBoy]

Some UK banks reported their half-year financials this week - here's how they did:

 

RBS/NatWest

Half-year profits 11% up at £5.1 billion

 

Barclays

Half-year profits 12% up at over £4 billion

 

HBOS

Half-year profits 12% up at just under £3 billion

 

Lloyds TSB

Half-year profits 15% up at over £2.01 billion

 

Anyone feeling sorry for them? Anyone need another reason to carry on claiming

 

Mac

 

(i'm also going to cross-post this into a thread of its own - everyone should read it and weep...)

[The Phantom]

Just e-mailed my MP directly (still had her direct e-mail address from a previous issue I contacted her about), got an out of office reply, but should get a reply when she gets back from holiday

[ja-de]

Just to let you all know, I have started a new thread for everyone to list all MP's & MEP's etc, that have had emails & letters sent to them.

It would be rather nice to see exactly how many will have been lobbied by us all. Please add their names.

List of MP's etc.

[MacBoy]

Great idea Jade! I'll go and add mine.

[kog]

Thanks Mac, the cartoon is ok to distribute now since its my own creation.

 

I hope to do another leaflet but with two highwaymen, one the the bank and the other the FSA assisting the bank, mugging one elderly lady. Hope to make a start today. Oh and the FSA will be riding a donky not a horse.

[kennythecelt]

Good work Kog!!!:grin: :grin:

[Destinyofsouls]

lOVE TO SEE THAT SECOND ONE COG. wHAT A BL***Y great idea.

 

( sorry bout caps)

[MacBoy]

Excellent, kog - can't wait to see it I'll make it into a PDF if you like when you've finished. This should give a nice small file size and make it easy to distribute

[Aqualibrium]

This might be handy for anyone wanting to find and contact their MP.

WriteToThem.com - Email or fax your Councillor, MP, MEP, MSP or Welsh, NI, London Assembly Member for free

 

I've put it in the MP list thread also.

[Aqualibrium]

Ha! Sorry Macboy, I just followed your link to this thread, I never realised you already had the link there.

Oh well, if yer no fast yer last!

As long as folks see it!

[pjdavies2000]

Thanks Mac, the cartoon is ok to distribute now since its my own creation.

 

I hope to do another leaflet but with two highwaymen, one the the bank and the other the FSA assisting the bank, mugging one elderly lady. Hope to make a start today. Oh and the FSA will be riding a donky not a horse.

 

what about the FSA holding the old lady's hands behind her back while the banks rob her...

...after all that's what they are doing to us!!!!

 

Peter

[j.barton1]

Great to see the thread gathering momentum,

 

Jenny

[MacBoy]

what about the FSA holding the old lady's hands behind her back while the banks rob her... after all that's what they are doing to us!!!!

 

Excellent idea, Peter! What do you think, kog?

[enoughisenough]

Just a suggestion but why don't we collectively mount a challenge under the HRA? We could cite the parties as the CAG Vs OFT, FOS, FSA etc. Or is the expense and the time scale just too horrendous to contemplate. There are a couple of high flying barristers sympathetic to the underdog who might do it for a reduced cost.

[kog]

update

[j.barton1]

Received a letter today re my complaint from my MP..on house of commons paper...He has raised my concerns with Kitty Ussher MP treasury minister, he will contact me when he has received a response. At least they're listening.

 

Jenny x

[kog]

Pete's ideas is very good but my skills are very limited