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Banks face fines for poor service
book12
Posts: 2,557 Forumite
http://news.bbc.co.uk/1/hi/business/8017194.stm
Apparently, this will replace the voluntary banking code.
Apparently, this will replace the voluntary banking code.
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Comments
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this subject has already been covered on another thread. However, a summary of that is that its the BBC making a stupid headline for something that really doesnt make a lot of difference.
The FSA has the ability to fine FSA authorised companies for a number of things in regulated areas. The banks already have a significant number of areas within FSA authorisation yet you dont see too many fines given out there despite the banks dominating the complaints at the FOS. So, bringing things like account transfers into FSA authorisation isnt going to see any noticeable difference.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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