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Fool.co.uk petitions the FSA to reverse its decisions on bank charges
Added: (Tue Jul 31 2007)
NEWS RELEASE
31 July 2007
Fool.co.uk petitions the FSA to reverse its decisions on bank charges
David Kuo, Head of Personal Finance at Fool.co.uk comments: “Customers who have been stung by unfair bank charges should ignore the FSA’s decision to grant waiver to firms on complaint handling. In fact, they should proceed with reclaiming penal bank fees without delay.
“The FSA’s decision plays directly into the hands of banks, which stand to benefit from any hold-up because we can reclaim unfair fees as far back as six years only. And since it could take forever before the Office of Fair Trading’s super-claim in the High Court is settled, any delay is beneficial to banks.
“In order to stop the clock, customers must issue their claims even if the small claims courts refuse to deal with them immediately. The clock stops from the time you make your court claim, regardless of when it is finally settled. Customers can then ask for the claim to be “stayed” (put on hold) pending the result of the High Court case.
“ Fool.co.uk is asking consumers to sign a petition (1) to call on the FSA to re-consider the impact of its decision on bank charges claimants, and to rescind its waiver to UK banks at the first opportunity. We are also calling on the county courts and the Financial Services Ombudsman Service to continue to handle these claims.
“The waiver to firms on complaint handling is completely unnecessary, and is a kick in the teeth of bank customers who have already been badly knee-capped by penal charges.”
-ENDS-
For further information and/or to arrange an interview with David Kuo please contact:
Sonia Rehill, Head of PR on 020 7297 8159 or Soniar@fool.co.uk
Sophie Jones, PR Researcher on 020 7297 8160 or Sophiej@fool.co.uk
Notes to Editors:
1. Make UK Banks Deal with Bank Charges Petition, which can be found on GoPetition.com under the Most Active category: http://www.gopetition.com/petitions/make-uk-banks-deal-with-bank-charges.html
About The Motley Fool – Fool.co.uk
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