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Legal Beagles is a FREE forum offering support, discussion & advice in many areas of your
life. Made up of dedicated &
enthusiastic individuals who are experienced in consumer issues. Most of us are fighting, or have successfully fought, our own
battles against the major
financial institutions.
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| BCOBS comes into force 1st November 2009 |
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October 16th 11.00AM |
BCOBS is a new sourcebook that applies to firms from 1 November 2009 with respect to the activity of accepting deposits from banking customers in the UK. It takes over from the banking code overseen by the BSCB.
A banking customer is defined as:
* a consumer;
* a micro-enterprise (under 10 employees and £1 million turnover); or
* a charity which has an annual income of less than £1 million
The rules in BCOBS on distance marketing, however, apply only to consumers.
BCOBS contains rules and guidance on:
* communications with banking customers and financial promotions;
* distance communications, including the requirements of the Distance Marketing Directive and E-commerce Directive;
* information to be communicated to banking customers, including appropriate information and statements of account;
* post sale requirements on prompt, efficient and fair service, moving accounts and lost and dormant accounts;
* unauthorised and incorrectly executed payments; and
* cancellation, including the right to cancel and the effects of cancellation.
You can view the Source book on the FSA website
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Consumer Credit Act test cases underway |
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October 13th 2009 4.30PM |
There are a number of test cases being held surrounding consumer credit act agreement flaws and enforceability in order to establish the legal position for many claimants, claims management companies and lenders.
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Firms planning for refunds after test case |
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September 20th 2009 13.58 PM |
| Following the renewal of the waiver in July 2009 and the pending conclusion of the first stages of the test case the FSA are checking that firms have, or have started to implement, processes to ensure swift and effective complaints and refunds of bank charges (if applicable) handling once the waiver is no longer in place. |
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Test Case Judgment coming soon !
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October 16th 2009 3.58PM |
The judgment in the bank charges test case from the Supreme Court, following from an appeal hearing at the House of Lords, will be announced soon. It is not expected before 26th October and we are updating as soon as there is news on the forum.
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Forum Policy Advice given on this forum does not constitute legal or financial advice. Any information should be considered in regard to specific circumstances. All help is followed at your own risk and should be followed up with your own research.
Read the Forum Rules here |
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