The blog is designed to offer evidence on the subject of whether bank charges are, and were, fair or unfair.
Many believe that the question has been answered, negatively for those affected by such charges, after a Supreme Court decision against the OFT, or following that decision, that it seems well nigh impossible to obtain an answer.
I believe the exact opposite, I believe an answer is available, a positive one for those affected - but hold that belief because in my opinion the answer lies, and always has lain with the Financial Services Authority.
Am I correct? Many, and they have considerable knowledge and experience in the subject, hold the opinion that I am wrong, For me however, it is not a question of opinion, but of evidence, and this blog has from its inception sought to provide evidence, through which an answer can be obtained. Are, and were, bank charges fair or unfair - it remains an open unanswered question.
I set myself four tests - against which to provide the evidence which I believe supports my conclusions. Whether you form the same conclusions depends on your assessment of the evidence - and yes, sorry that means reading the blog from the start in order to gain an understanding of the evidence in full.
However, to help you decide whether to do so, here are the four tests:
Test 1 - Evidence that the Financial Services Authority regard "Treating Customers Fairly" as fundamental.
Test 2 - Evidence that the Financial Services Authority have failed to meet the statutory obligations imposed on them by Parliament.
Test 3 - Evidence that the Concordat agreed between the Financial Services Authority and the Office of Fair Trading established the basis for real consumer detriment and serious regulatory failings.
Last, but very very far from least ...
Test 4 - Evidence, which must be irrefutable and unequivocal, that the Financial Services Authority expect charges to be a fair reflection of the additional administration costs faced, not a way to increase profits or offset costs from other parts of a business
*******************************
To date I have covered Tests 1 and 2 as far as I feel is necessary to create the platform upon which Tests 3 and 4 can be presented.
I have more to add to Test 3, and the importance of Concordats between the FSA and the OFT. But I will do so shortly - but as integral to Test 4 - which is by far the most crucial test.
In my last post I listed a set of extracts taken from FSA documentation. They form part of Test 4, and in my next post I will provide the links to the source documents.
If you have an interest in the question of whether bank charges are, and were, fair or unfair, I hope you will find them of interest. They provide evidence, upon which you can form your own opinion.
Is it evidence that is - both irrefutable and unequivocal, that the Financial Services Authority expect charges to be a fair reflection of the additional administration costs faced, not a way to increase profits or offset costs from other parts of a business - the essence of Test 4?
.
No comments :
Post a Comment