Tweet
CONSUMER GROUPS URGE THE OFT TO CONTINUE
Following meetings between consumer groups, including Legal Beagles, Penalty Charges, MSE and the Office of Fair Trading last week and Money Saving Expert's announcement of today, we continue to strongly urge the Office of Fair Trading to continue their investigation and litigation on the relevant charging terms and the structure and fairness of personal current accounts. Additionally, we now also urge the Government, who have voiced their support of the OFT, to take action and ensure the OFT have the necessary resources to take the investigation forwards.
The legal issues surrounding the relevant charges are extremely complicated and we have spent many hours putting together new arguments and expanding on the original arguments upon which the banks can be held to account for their past actions.
Our priority continues to be the average consumer and we have always maintained that it would not be fair to encourage consumers to take banks to court on arguments in which we are not 100% confident.
The Banks, the FSA, the OFT, the Courts, Government and Consumer groups are still in discussions over the way forward, and we continue to suggest that consumers with claims stayed in the County Court system sit tight until announcements have been made, possibly anytime between now and January.
We understand that this is a frustrating and difficult time, especially for vulnerable and low income families, but please rest assured that we are all working very hard behind the scenes to ensure that, whatever the outcome, the average consumer will not be disadvantaged.
It would have been unwise of MSE to publish updated templates today without the backing of all groups and legal counsel, and before the position of the OFT has been announced and we support MSE in that decision.
We also support the OFT in their decision to investigate all the options carefully before making any announcement.
The effect the next steps will have on consumers will be huge, these are covered in our report of our initial views which you can read here Legal Beagles This was submitted to the OFT last week.
Everything now hinges upon the OFT making a positive decision to continue with it's investigations.
Since the Bank Charges campaign began back in 2005 we have had a massive impact on the future of Personal Current Accounts. It has been overwhelmingly recognised that the previous system was unfair, did not work and penalised consumers who were most vulnerable.
The publicity surrounding the campaign and pressure from the OFT and regulators has led to many of the banks changing their terms and conditions and pricing levels, towards being fairer for consumers. There is still a long way to go.
There is a forum especially for people with cases stayed in the courts system HERE. For the latest advice on handling claims/complaints please read this post. Hardship claimants please post for advice in the Hardship Forum - Legal Beagles
We thank everyone for their continued support and encourage any further comments you, as consumers, may have.
MSE article from today - Bank charges round two: a new legal hope - MoneySavingExpert News
and updated guide - Bank Charges Reclaiming: Fight unfair charges - updated after Supreme Court ruling...
Following meetings between consumer groups, including Legal Beagles, Penalty Charges, MSE and the Office of Fair Trading last week and Money Saving Expert's announcement of today, we continue to strongly urge the Office of Fair Trading to continue their investigation and litigation on the relevant charging terms and the structure and fairness of personal current accounts. Additionally, we now also urge the Government, who have voiced their support of the OFT, to take action and ensure the OFT have the necessary resources to take the investigation forwards.
The legal issues surrounding the relevant charges are extremely complicated and we have spent many hours putting together new arguments and expanding on the original arguments upon which the banks can be held to account for their past actions.
Our priority continues to be the average consumer and we have always maintained that it would not be fair to encourage consumers to take banks to court on arguments in which we are not 100% confident.
The Banks, the FSA, the OFT, the Courts, Government and Consumer groups are still in discussions over the way forward, and we continue to suggest that consumers with claims stayed in the County Court system sit tight until announcements have been made, possibly anytime between now and January.
We understand that this is a frustrating and difficult time, especially for vulnerable and low income families, but please rest assured that we are all working very hard behind the scenes to ensure that, whatever the outcome, the average consumer will not be disadvantaged.
It would have been unwise of MSE to publish updated templates today without the backing of all groups and legal counsel, and before the position of the OFT has been announced and we support MSE in that decision.
We also support the OFT in their decision to investigate all the options carefully before making any announcement.
The effect the next steps will have on consumers will be huge, these are covered in our report of our initial views which you can read here Legal Beagles This was submitted to the OFT last week.
Everything now hinges upon the OFT making a positive decision to continue with it's investigations.
Since the Bank Charges campaign began back in 2005 we have had a massive impact on the future of Personal Current Accounts. It has been overwhelmingly recognised that the previous system was unfair, did not work and penalised consumers who were most vulnerable.
The publicity surrounding the campaign and pressure from the OFT and regulators has led to many of the banks changing their terms and conditions and pricing levels, towards being fairer for consumers. There is still a long way to go.
There is a forum especially for people with cases stayed in the courts system HERE. For the latest advice on handling claims/complaints please read this post. Hardship claimants please post for advice in the Hardship Forum - Legal Beagles
We thank everyone for their continued support and encourage any further comments you, as consumers, may have.
MSE article from today - Bank charges round two: a new legal hope - MoneySavingExpert News
and updated guide - Bank Charges Reclaiming: Fight unfair charges - updated after Supreme Court ruling...
Comment