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FSA extends the bank charges waiver by another six months
Page last updated Saturday, 25 July 2009
What is the waiver?
The Financial Services Authority, FSA, first granted the firms a waiver so that they do not have to deal with complaints about unauthorised overdraft charges in the time specified under FSA rules. In effect banks and building societies can put customer complaints on this issue 'on hold' until the test case process is resolved.
The waiver applies only to complaints about unauthorised overdraft charges. Firms must continue to deal with complaints about other financial matters, such as insurance, mortgages or other complaints regarding their current accounts, in the usual way.
Why did the FSA grant the waiver?
Until July 2007, some customers were being refunded unauthorised overdraft charges when complaining whilst others were not. The FSA felt this inconsistent approach was not in the best interests of all consumers. So on 27 July 2007, they granted a number of banks and building societies a 'waiver' to support the test case process.
How long will the waiver last?
The first waiver expired on 26 July 2008. The FSA then decided to grant a second waiver and this expired on 26 January 2009. This has been extended by a further waiver for up to six months (until 26 July 2009). The FSA have now decided to extend the waiver for another six months until 26 January 2010, due to the ongoing legal case.
You can find more information on this by clicking here
DebtWizard Comment
Banks normally have to resolve complaints within 28 days, but the FSA have just given them all another six months to resolve customer claims over unfair bank charges, this now means this waiver will be in place for a total of two and a half years!
Despite being blamed for the current banking crisis', through lack of regulation, the FSA continue to ignore the needs of the consumer.
Another smack in the face for the consumer as this waiver is grossly unfair because banks are still allowed to apply the charges, even though the High Court has ruled in the favour of the Office of Fair Trading, OFT. The only way a consumer can try and get some of their money back is by demonstrating hardship.
For more details on hardship claims then click here
Bank charges are a major income to the banks and one would question their stability if this revenue was denied them, in particular in the current economic climate. It is the bank's interest to draw this case out as long as they can as it is worth around £2.6 billion per year to the industry.
Any new developments will be posted on the home page under 'Reclaiming charges' link and in our member emails.
Not yet claimed your charges?
If you do have bank charges and have not submitted a claim yet then it is arguable that you will end up at the back of the queue should the banks' eventually be forced to pay you back.
You can easily begin the process for free, if you need to see your statements on a closed account or you just don't have them then you will need to pay £10 to the bank for your data.
We show you how to do this, all for free our end, to find the template letters and interest calcualtor to help build your claim then click here
Does this apply to credit card charges?
This does not affect credit cards, you can claim back the difference between what you have been charged and £12, more on this can be found here
Debtwizard Friday, 20 November 2009
Hi Jules
Have you raised this with RBS?
If they are not helping you then take a look at the following inks; http://www.debtwizard.com/debt...ng-charges scroll down to Financial Hardship.'
Bank charges latest news, Court case result due next week, ramifications for the winer, loser and the consumer; http://www.debtwizard.com/news...nk-charges
Trust this helps.
Best wishes
Debtwizard
juls (Guest) Friday, 20 November 2009
if RBS have reduced their fees from the 1st Oct 09, why are we still getting charged the full amount and it is now Nov 09?
juls (Guest) Friday, 20 November 2009
if RBS have reduced their fees from the 1st of October 09 why are we still getiing charged the full rate and it is now Nov 09?
mark mccollum (Guest) Monday, 26 October 2009
this is becoming a joke now i have been waiting for nearly 2 years for this to get sorted and i am still getting bank charges of £39 hurry up please
Nick Ward (Guest) Monday, 26 October 2009
How long does this circuse of events continue ?
My claim was put in, unfortunately for me, only the month before the first waiver over 2 yrs ago now. I found it rather amusing to read recently that the RBS have reduced their charges from £30 plus, to around £5 "due to customer feedback". I feel this was was more a case of they know what is coming to them ,and they are getting ahead of the game, so that they can look for brownie points saying "we done it first"
