Lenders to repay £149m after paperwork blunders discovered

cot1198

Does anyone have any idea of time scale in regards to banks contacting affected customers.

mailmannz

And...has anyone had any actual contact from their bank about this yet?

Seems the only people who are getting anything are those with just a solitary post and who joined this month!?!?

Mailman

HeadsUp_2

I am curious too, Mailman!


I cannot find anything in my searches about any refunds to date. Don't know who the seventeen banks and building societies in beach are or what time scale they have to address it. I suppose it is a bit unfair on the other banks who have not broken any rules.




As reported elsewhere, it seems that the FCA have put a lot of faith in the banks to do the right thing.


Talking about the right thing... if whilst trawling through their paperwork they find that they are not in possession of some Credit Agreements (as some people have found when they have requested it) what will they do? There was some debate whether the loan was enforceable - I don't know what the final outcome of that was.

dunstonh

As reported elsewhere, it seems that the FCA have put a lot of faith in the banks to do the right thing.

It isnt faith. They have to report to the FCA about what they are doing and have done.

HeadsUp_2

dunstonh wrote: »

They have to report to the FCA about what they are doing and have done.

Do we know what the timescale they have been given or when the FCA will give an update?

Annie021063

I've moved since 2008 and didn't tell expired/closed banks/ cc companies what do I do?
I'm still with Barclays so that's ok but I've been with Santander and MBNA before moving

[Deleted User]

Annie021063 wrote: »

what do I do?

Not everyone who had a bank account will get a payout. Nothing is guaranteed and I wouldn't be waiting by the letterbox in anticipation if I were you.

mailmannz

Well the thing is that because this is so vague no one knows if they are in or out or shake it all about.

The FCA havent done anyone any favours here because, apart from saying these 17 banks have been naughty, they havent released any information on what to expect. Whats even worse is that given the banks historical behaviour whether any of us can actually trust them to do the right thing!

Regards

Mailman

[Deleted User]

mailmannz wrote: »

The FCA havent done anyone any favours here because, apart from saying these 17 banks have been naughty, they havent released any information on what to expect.

So it's pointless to speculate or to prepare for any windfall. When the Banks have investigated which accounts are affected, the refunds will flow..

£149 million is a drop in the ocean compared to the £BILLIONS paid out in PPI redress.

mailmannz

You are right but its human nature to speculate. Id preferred the FCA to have actually sent out something meaningful instead of just saying you may be might be could be getting something at some point in the future back from your bank.

Regards

Mailman