When Banks don't Act on FOS Findings

OceanSound

pmduk wrote: »

Make a note of the time this costs you as you have spent enough time sorting out their inadequacies already.

When this is over I'd be summarising all this and asking my MP just what it does take for an organisation to lose its banking licence in the UK?

No idea about how to lose a license, however, to get a licence (according to this source) part of the process involves 'courtship with the regulators.' Then the next stage is called 'application: getting to second base'.

Leave it to your imagination what this 'second base' may entail.

Joking aside, one of the features is :

A high level outline of IT systems;.....
.... They [the bank] must demonstrate what they’ll do if systems are unavailable for minutes, hours and days – particularly problematic if it’s an app-only bank of course! They’ll have to think about the steps they’ll have to take to ensure customers don’t suffer and what they’ll do to find a solution when things go wrong. And, most importantly, how customer funds will be safeguarded in event of failure.

You have to wonder how on earth TSB got the licence in the first place. If the IT system upgrade wasn't part of the initial assessment, shouldn't a significant IT systems upgrade need to be approved by regulators (as it's clearly part of the licensing process).

xylophone

https://uk.practicallaw.thomsonreuters.com/w-008-0211?transitionType=Default&contextData=(sc.Default)&firstPage=true&comp=pluk&bhcp=1

Should not the adjudicator be referring the file to the FCA?

https://www.fca.org.uk/firms/fair-treatment-customers

Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

JuicyJesus

OceanSound wrote: »

You have to wonder how on earth TSB got the licence in the first place. If the IT system upgrade wasn't part of the initial assessment, shouldn't a significant IT systems upgrade need to be approved by regulators (as it's clearly part of the licensing process).

But then RBS' issues in 2012 were caused not by a signifcant upgrade, but a minor alteration to an existing system. TSB's were obviously more major but the effects were extremely similar.

If the FCA needed to give consent every time a bank proposed to upgrade a system whenever there was a potential for consumer detriment, the whole system would grind to a halt. Because you have no way of knowing if a major update would be fine, while a minor update like RBS' would screw everything completely.

Cotta

A small update:

The Adjudicator called to advise that she has been working with TSB on the address issue today, TSB have advised that the change should go through on an evening system feed and be live by tomorrow. I am to call back tomorrow to resolve the issues which are currently preventing me from withdrawing money.

The Adjudicator is still aiming for Friday to complete this saga with proposals for additional compensation that TSB must pay and asked me to all think about this - what does everyone recommend?

masonic

So we're assuming the address issue is resolved, but they still haven't paid the referral money or interest?

Perhaps the monetary value of the above plus ~£100? There's a point at which I would have been willing to accept any reasonable figure for closure.

Cotta

masonic wrote: »

So we're assuming the address issue is resolved, but they still haven't paid the referral money or interest?

Perhaps the monetary value of the above plus ~£100? There's a point at which I would have been willing to accept any reasonable figure for closure.

Correct in addition to the missing interest and referral I can't transfer money out and my debit card was issued to a separate address. I've only requested outstanding issues be resolved which is where TSB are stalling.

JuicyJesus

Cotta wrote: »

A small update:

The Adjudicator called to advise that she has been working with TSB on the address issue today, TSB have advised that the change should go through on an evening system feed and be live by tomorrow. I am to call back tomorrow to resolve the issues which are currently preventing me from withdrawing money.

The Adjudicator is still aiming for Friday to complete this saga with proposals for additional compensation that TSB must pay and asked me to all think about this - what does everyone recommend?

I recommend literally any bank that isn't TSB.

xylophone

my debit card was issued to a separate address.

Your old address? The PIN as well?

The card has been cancelled?

Once the address has been updated they will expedite sending a new card and PIN?

They will pay the interest (and interest on interest) and referral bonus?

You will then have full unrestricted on line access to your account?

I should think that £150 on top would be reasonable.

Cotta

xylophone wrote: »

Your old address? The PIN as well?

The card has been cancelled?

Once the address has been updated they will expedite sending a new card and PIN?

They will pay the interest (and interest on interest) and referral bonus?

You will then have full unrestricted on line access to your account?

I should think that £150 on top would be reasonable.

£150 sounds nice but maybe too high considering I've been awarded £500 already.

Cotta

Unfortunately I spoke too soon, TSB's overnight address update following the administrator's request was unsuccessful.