The FSA clarify the position on Business Bank Charges.
They do NOT come under the terms of the waiver that they have put in place.
Something that other claims management companies and even Martin Lewis has failed to pick up on is the what the waiver does NOT cover. In the 'Waiver Review Report' published by the FSA on 21 November 2007 it is clearly stated that the waiver did not cover small business accounts. Therefore the normal routes of redress apply.
We immediately approached the Financial Ombudsman about this who had no knowledge of this and assumed that 'all' accounts fell under the waiver.
Our next course of action was to write to the FSA and challenge them on this point. This was their response:
"I have telephoned the Ombudsman who has confirmed that up until approximately a fortnight ago, their position on unfair charges applied to business bank accounts remained unclear."
"However having sought further clarification on this matter themselves, the Ombudsman, along with the FSA, can confirm that small business accounts are not covered by the waiver currently in place. (By small, I mean businesses with less than one million pounds turnover per year). This means that should any of your client's businesses fall into this category, you should be able to pursue this matter with the Ombudsman if you receive unsatisfactory responses from the banks".
Jo Malanga (Miss), Consumer Contact Centre, Financial Services Authority
The Financial Services Authority has agreed to suspend all refunds paid by banks until the court decision is made, although the BBA said claims for refunds can still be made and would be paid out if the court says they should be refunded.
For full details of the waiver review please visit Financial Services Authority Website
What does this mean to you the small business owner?
It means that you can start claiming again at once and the banks will have to deal with your complaints. Call us for more information or simply complete the forms on this website to start the ball rolling again.
Round 2 to the consumer! At Last!
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Make a “No win no fee” Claim right now by clicking here and completing the online claim form. Make a “No win no fee” Claim right now by clicking here and completing the online claim form.Why use Us?
We are a professional team with many years experience in the service industry. We pride ourselves in giving our customers sound advice and providing them with a first class personal service.
We operate a balanced approach to recovering your penalty charges. Whilst we are extremely firm with all companies or organisations that may owe our customers money, we also seek to maintain good relations between all parties. We believe a fair result is one where all parties involved can continue with a good relationship even after a claim has been settled.
The majority of our business is generated from a mixture of Internet advertising, soft marketing and customer referrals. We do not make cold calls to people, and prefer to offer a great service to a smaller number of customers.
With our help, consumers and business users can avoid the potentially difficult and protracted negotiations that some people have experienced when trying to reclaim their bank charges. With our help you can easily reduce the amount of time, energy and stress associated with these types of claims and simply carry on with your every day hectic life!
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Unfair Bank Charges (Trading name of Consumer Commandos Ltd) is regulated by the Ministry of Justice in respect of claims management activities. Our registration number is CRM5984. To view authorization please click on the following link www.claimsregulation.gov.uk