The FSA has announced that it has extended its waiver from complaint handling rules regarding unauthorised overdrafts, for up to a further 6 months. This is because the Overdraft Charges Court Case (known as the 'Test Case') is ongoing, and it is not yet clear how banks should be responding to customer complaints.
The FSA can revoke the waiver at any time if it considers a waiver is no longer appropriate, for example, if it no longer provides adequate consumer protection, or material progress is not being made in the Test Case, or a firm fails to comply with the conditions set out in the waiver.
Basically this means that you cannot sue the Banks for over charging you, you issue a writ and the Courts will set it aside until after this test case brought by the OFT against all of the High Street Banks is finally heard after nearly two years, The Banks of course interpret this to mean that whilst you cannot sue them, they are entitled to sue you, even if you dispute the charges. Darien Government Darien Justice.
So whilst the Government was lobbing billions of our money at the Banks, Brown had not even asked for this test case to be resolved, mostly because he was in a blue funk.
FSA renews waiver from dealing with customer complaints
Sir James Crosby has resigned from the FSA after the revelations about him sacking the Head of Group Regulatory Risk , Paul Moore at HBOS for saying that the Bank's lending policies were causing the Bank to become unstable.
Brown is now tied in with Crosby for appointing a reckless banker to the FSA, Crosby repays him by jumping ship twenty minutes before PMQ's.
Do not forget that it was Brown who divied up the responsibilty for economic regulation rather than leave it with the Bank of England.
The rottenness at the centre of Westminster and its cronyism is laid bare for all to see.
This Government is sinking in sleaze and corruption, yet it will not go, it will supress and resort to reaction against protestors at every turn
Isn't James Crosby one of the chief execs who threw caution and corporate governance to the wind at HBOS and instituted an aggressive policy of rampant expansion in consumer lending despite snowballing risk.
Personally I'd like some fresh thinking on this one.
Bob Dawes, London, April 9th 2008
Personally, I am waiting for the call for a National Government,then we will be in a one party State run by the 646, and no further embarrassing questions.