So the banks can't come on here right.........

[dave]

No, sorry - I think that's bad advice.

 

There's no urgency - laws cannot be passed that counteract existing case law.

 

My guess now is that the OFT will 'investigate' banking charges in much the same way that they have the credit card charges - this will take another 2 years to complete, and then probably another 1 year to implement depending on what they find.

[dinghy]

There's no urgency - laws cannot be passed that counteract existing case law.

 

Think you're mistaken...

 

There are plenty of laws that have been brought in to conteract case-law...

 

What you may mean is that they shouldn't by convention back-date laws. But as we know this present government has no idea about working within constitutional conventions...

 

Let me give you an example which covers both... The recent budget that changed the laws regarding trusts... This was not announced in the budget speech (it was tucked away in the small print) and yet it was both the most far-reaching part of the budget and it also acted retrospectively...

[dave]

Fair enough. Sorry.

 

Does this not smell like 1939 Germany?

[dinghy]

My guess now is that the OFT will 'investigate' banking charges in much the same way that they have the credit card charges - this will take another 2 years to complete, and then probably another 1 year to implement depending on what they find.

 

And you think that the banks won't negotiate some kind of deal ? It's a huge loss to them... If a deal is not done limiting the banks losses then it could easily bankrupt them... Potentially £3 billion / year back to 1915... Certainly a minimum £18 billion over the last 6 years...

 

Remember Nick Leeson ? Brought down Barings over a £200 million hole in the accounts (ok that grew to £800 million once they had unwound the positions he held but the market took advantage of knowing that they had to clear-down his positions...)

[dinghy]

Fair enough. Sorry.

 

Does this not smell like 1939 Germany?

 

Going further and further OT but...

 

I presume you are refering to similarities between the 'Legislative and Regulatory Reform Bill' and Hitlers Enabling Act ? If not, you should check it out... It is an astounding piece of legislation that just shows the contempt this government has for parliamentary democracy...

[dave]

Yes, I think you are right - I think they will negotiate some deal, however once in court they will still have to prove that their costs are reflective of their charges.

 

This is a tiny govt. issue and we're not even a thron in their side yet.

 

No other companies are allowed to issue penalties - if the issue gets big - and I think it will ultimately - then does that not open the door for all companies to do the same? If it does, think of the effect on the economy. People will have even less money for the retail sector etc....

[dinghy]

Ok... to avoid the continuance of this thread high-jacking... I've started a new thread to discuss (if anyone wants to that is !) what the ultimate outcome/consequences of our actions will be...

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?p=63101#post63101

[surreyscouse]

This topic was closed on 11 March 2019.

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