who regulates credit cards?

Rob1980

Can anyone tell me who regulates credit card companies? I have been stitched up well and truly by Tesco's/Royal Bank of Scotland and am not happy that they are dealing with my complaint sufficiently and want to raise the issue with a regulatory body in order to save someone else going through the same ordeal.

I applied for a new card and sent the card details of a card I wanted to do a balance transfer from with the application form. Somehow they inputted the data incorrectly and transferred to me money from another account. They then took over a month to rectify the situation and then transferred money from the correct card without my permission. They are trying to charge me interest on the money that was not mine and late payment fees. I think I am on top of it now but want to raise it with the powers that be. Any ideas?

Call_Centre_Monkey

The Financial Ombudsman may be able to look into it for you. However, they won't even look at it until you've made a formal complaint with the bank. The bank then must conform to various timescales, ie a holding letter must be sent within 5 days (or something similar). After that, the bank has another 30 days or so, then have to give you an update, then another 30 days or so after that before it can be referred to the Ombudsman. The timescales I've given aren't quite right, but you get the rough idea.

Astaroth

They are regulated by the Financial Services Authorities however complaints against regulated companies are handled by the Financial Ombudsman Service on behalf of the FSA.

You need to have received a "final response" in writting from the company in question before the FOS will review the case or they must have failed to respond within the 30 days (if memory serves me correct)

More details can be found: http://www.fos.org.uk/consumer/complaints.htm