OFT and Banks to decide on "fair charge"

mattymerthyr

Just been reading an up to date Q/A on the financial ombudsman website in accordance to the OFT decision what it says is
1. all claims currently in the process and all new claims will be put on hold
2. all people who have been offered a settlement figure and have accepted will get their money back from the banks because all cases who have accepted a settlement figure from the bank are now labelled as closed and banks will honour their word. cheques/deposits will be will be made within 6 weeks for people who have accepted settlement figures.

(Land_of)_Maz

unsaltedrhino wrote: »

Wow, Martin was angry! Justifiably too...

but terribly sexy when he's angry! Sorry to be flippant at such a serious time!

nickmack

My initial reaction is somewhat cautious.

The OFT are bringing this test case, but seemingly without consulting major reclaim forces such as MSE and CAG. This is a bit worrying.

The decision to stop any new claims being taken on by the FO and any new court cases will leave months where the banks can get some breathing space.

The banks have never agreed before to a test case and to do so, knowinging the possible consequences, they must feel fairly confident.

I just hope the OFT really know how they're going to approach this and are acting in the best interests of the consumer.

My early and speculative guess is that it won't be a straightforward decision.
It depends whether the banks challenge the interpretation of the consumer legislation or try to prove their costs as high as possible.

No doubt more will be revealed as the time approaches. Strap yourself in and get ready for the ride.

digp

Hermann wrote: »

If anyone missed Martin on C4 news tonight you can watch the interview again on C4 site here .....
http://www.channel4.com/news/business_money

Just click on 'Watch the report' in the 'Overcharges Deal' box.

That woman from the British Cow Dung Association is such a %&£()&£)(&.

Martin kicked her !!!!!!!!!!!!!!!!!!!!!!!

There's some kind of a scam going on here. :rotfl:

angelwillow

Don't think she gave a straight answer to ANY of the questions.............

digp

If the master of the rolls suspends all other claims proceeding that would be unprecedented and his decision is open to challenge by way of judicial review (imagine that: a high court judge ruling his boss acted irrationally in suspending them !!!!!!!!!!!!!)

The high court should constitute a 3 judge bench of the divisional court to deal with this.

Oh and any judge with e.g. shares in banks should recuse himself. Wonder how many that leaves behinds.

digp

angelwillow wrote: »

Don't think she gave a straight answer to ANY of the questions.............

She didnt. And the presenter gave her way too much of an easy time. Cant believe shes a chief exec.

Purpss

Just watched Martin on C4 news ( didn't realise he is such a hottie!) what does this mean for all the little people like me, who are reclaiming their money?? Bloody banks , bet they have done this so they can save gazillions this year and then settle at the last minute like they have to so many people on here!!!! Ba**ards! Think I'm gonna go back to keeping my money under my grandads mattress like they did in the good ol' days LOL.

Chie

Why are banks allowed to carry on levying new charges against customers during the test case period, yet they're allowed to suspend dealing with claims until the test case reaches it's conclusion???

digp

<o:p></o:p>"What about people currently in the process? What about those who’ve been offered a payout (whether they’ve accepted or turned it down)? What about those for whom their claim was around 6 years ago and thus the statute of limitations means the delay will count their claim out?

As long as they issue within the 6 years or even on the last day (ie by going into court and issuing it on the same day) they have issued their claim within time even if the proceedings are automatically stayed.

A court cannot in my view refuse to accept claims.

By the way, there's a government stitch up involved in all of what has happened. Thank goodness our most senior judges -the law lords- are independent and won't take dictation from the government. Yes, the government has been known to ask judges in for discussions on decisions they are about to decide/ hand down (can you believe the cheek of it?).