Fsa

[deemacperth]

Just pulled this off of Hansard for this weeks sessions:

 

Mr. Drew: To ask the Chancellor of the Exchequer what role the Financial Services Authority has in improving consumer understanding of financial matters. [64932]

 

Mr. Ivan Lewis: The Financial Services Authority has a statutory responsibility to promote public understanding of the financial system and to secure the right degree of protection for consumers. The FSA's annual report, which is laid before Parliament, explains how this statutory remit has been met.

The FSA leads work on the national strategy for financial capability involving a range of other partners, including Government, the financial services industry, employers' organisations and trades unions, the media, consumer bodies and the voluntary sector. Over the coming year the focus for the strategy will be on the following seven key priorities:

 

Embedding personal finance education in schools;

 

Helping students in higher education and young people not in education, employment or training manage their money;

 

Providing generic financial guidance through the workplace;

 

Providing resources for those taking maternity or paternity leave;

 

Distributing more widely the financial health check and an on-line tool to help people assess their debt position;

 

Examination of whether there is a commercial case for the delivery of a more widespread generic financial advice service; and

 

As part of a revised FSA consumer communication strategy, revamping and re-launching the information and tools it provides to consumers.

 

Anyone think the FSA have failed in their statutory duty to promote public understanding of the financial system and to secure the right degree of protection for consumers?

 

http://www.fsa.gov.uk/Pages/about/complaints/index.shtml

[deemacperth]

Can I just ask that if anyone is going to do this, we leave it to one of the senior members as you have to follow procedure for this.

 

First you have to complain to the bank

Second, complain to the FSA

http://www.fsa.gov.uk/consumer/updates/updates/unfair_contracts/mn_unfair_contracts.html

 

then if unhappy with the response, complain about the FSA.

[deemacperth]

I'm on a roll now, pulled off the FSA site, I've highlighted the interesting bits:

 

Below are some examples of possible types of unfair terms.

A term will not necessarily be unfair just because it looks like one of these examples – that will depend on the precise details of the contract as a whole.

• Terms that charge you a disproportionately large sum if you don’t fulfil any of your obligations under the contract, or if you cancel the contract.
  
• Terms that tie you into the contract but let the firm decide whether or not to provide the service.
  
• Terms that allow the firm to change important parts of the service it has agreed to provide to you without consulting you, unless it does so for a valid reason.
  
• Terms that give the firm the absolute right to decide if its products or services have met the requirements under the contract, or to interpret any term of the contract as it sees fit.
  
• Terms that make you fulfil all your contractual obligations whilst letting the firm avoid its own.
  
• Terms that automatically extend a fixed-length contract unless you state you don’t want to extend it, and where the deadline within which you have to state this is unreasonably short.
  
• Terms that limit the firm’s obligations to honour its agents’ commitments to you.
  
• Terms that allow the firm to transfer its obligations to you to a third party without your consent, even where this may be worse for you.
  
• Terms that tie you into the contract even if you have not had a real opportunity to understand the terms before you sign it.
  
• Terms that mislead you about the contract or your legal rights.
  
• Terms that exclude or limit your legal rights or remedies when the firm has failed to meet its obligations under the contract. For example

Right, I'm off to the gym and off for the night.

[deemacperth]

I'm going to put a letter together to the FSA and start this complaint in process.

[deemacperth]

First letter going off to Financial Services Ombudsman, Cc'd into FSA.

 

 

[Me]

 

 

Financial Services Ombudsman

 

South Quay Plaza

183 Marsh Wall

London

E14 9SR

27.09.06

 

 

Consumer complaint

 

Dear Sir/Madam,

 

ACCOUNT NUMBER: XXXXXXXX

 

I am writing to register a complaint about bank charges that all the major High Street lenders impose on UK current accounts. It is my belief that the regime of fees which they have been applying to consumers’ accounts in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law, Statute and recent Consumer regulations.

 

This was confirmed to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

 

My particular account is with the Halifax plc. I recently had cause to complain to them about these unlawful charges. In two years, they had applied £3408 of charges. This matter was resolved before court, but Halifax plc did not accept my accusation and did not accept that their charges are unlawful.

 

I would like to draw your attention to the terms of the contract which I agreed to at the time that I opened my account. It was an implied term of that contract that Halifax plc would conduct themselves lawfully and in a manner which complies with UK law.

 

I consider that their repeated representations that their charges are fair and reasonable are deceptive and that they had deceived me into agreeing to pay them.

 

As this matter has been settled before court, if you believe you can not investigate this matter further, I would ask that you refer this complaint to the Financial Services Authority who have a statutory responsibility to promote public understanding of the financial system and to secure the right degree of protection for consumers.

 

I would ask that you copy me in on any correspondence.

 

Yours faithfully,

 

deemacperth

 

 

Cc Financial Services Authority

[deemacperth]

And my copied letter to the chief Exec of the FSA.

 

 

 

[Me]

 

 

The Chief Executive

Financial Services Authority

25 The North Colonnade

Canary Wharf

E14 5HS

 

27.09.06

 

 

Consumer complaint

 

Dear Sir/Madam,

 

ACCOUNT NUMBER: XXXXXXX

 

I am writing to register a complaint about bank charges that all the major High Street lenders impose on UK current accounts. It is my belief that the regime of fees which they have been applying to consumers’ accounts in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law, Statute and recent Consumer regulations.

 

This was confirmed to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

 

My particular account is with the Halifax plc. I recently had cause to complain to them about these unlawful charges. In two years, they had applied £3408 of charges. This matter was resolved before court, but Halifax plc did not accept my accusation and did not accept that their charges are unlawful.

I would like to draw your attention to the terms of the contract which I agreed to at the time that I opened my account. It was an implied term of that contract that Halifax plc would conduct themselves lawfully and in a manner which complies with UK law.

 

I consider that their repeated representations that their charges are fair and reasonable are deceptive and that they had deceived me into agreeing to pay them.

 

I have referred this matter to the Financial Services Ombudsman, but as this matter has been resolved I do not believe they can take this action any further. I have asked that they refer this complaint to the Financial Services Authority who have a statutory responsibility to promote public understanding of the financial system and to secure the right degree of protection for consumers.

 

I would ask that you copy me in on any correspondence.

 

Yours faithfully,

 

 

deemacperth

 

 

 

Cc Financial Services Ombudsman

[deemacperth]

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