Welcome...
We have been established since 1999 where we have successfully dealt with many banking issues and difficulties for clients. Having a strong banking background we have a clear understanding of how the banking industry and the banks and financial institutions within it operate. We have used this experience and our ability to recover Bank, Building Society & Credit Card ‘penalty charges’ administering in excess of £35 million of claims prior to Autumn 2007 where we are at the forefront of recovering clients Bank Charges. Having developed an effective and efficient system which can adapt to the ever changing policies of the bank to successfully recover clients ‘bank charges’ and ‘penalty fees’.
As a company we have dealt for many years with important aspects of banking on behalf of clients whom have experienced difficulties, building a reputation for success in not only the recovery of bank charges but also other aspects of banking difficulties all of which are listed below.
Using our experience in banking complaints and financial claims management we offer a comprehensive range of services where we can address difficulties our clients have experienced with their bank, lender or financial institution.
Our services are detailed in greater depth through the website where the claims services include:-
Recovering Loan or Credit Card Payment Protection Insurance
Mortgage Fee Refunds
Bank Charges Recoveries
Hire Purchase Charges and Insurance Refunds
General Insurance Claims Shortfalls
Reclaim Unclaimed Assets
Latest news
Bank Claims Update
Following the events of the test case it is worth reflecting on what has happened to date.
1) April 2007 - The OFT begins a study into the fairness of bank charges.
2) 27th July 2007 - All claims are put on hold as the OFT and banks begin a test case to assess the validity and fairness of bank charges.
3) January – February 2008 - Test Case takes place.
4) April 24th - Judgement handed down to confirm that the OFT have the right to assess bank charges as to whether they are fair.
5) May 22nd - 23rd ;-
i) The judge allows the banks to appeal the decision of the 24th April.
ii) The judge demands the OFT provide information regarding whether bank charges were unfair, where they confirm the information will be available in July.
iii) The banks were informed that the legal process could not be used to delay the conclusion of the fairness of bank charges.
Next Key Date
July 7th - 8th Court Hearing.
And the rest of July!
Court Hearing
The banks after insistence by the judge have accepted that historic terms and charges are to be viewed as his judgement of the 24th April a situation which is to be confirmed at this hearing. At the next court hearing it is expected that the green light will be given to the OFT to establish whether both historic and current terms are fair.
The judge is determined not to allow the legal process to be abused unnecessarily. His stance to date does show this determination where after the hearing in February the judge, Mr Justice Andrew Smith confirmed that his ruling should help the conclusion of claims. He ruled in April that the OFT have the legal right to determine whether the charges are fair and with the information that the judge was insistent upon receiving that being the report on charges by the OFT which is now due in July, this will at this time leave him in a position to authorise the conclusion of the claims process.
In addition the FSA has a waiver in place protecting the banks from having to conclude claims at present although this is due to expire on the 26th of July.
What now?
Yes claims are still on hold but the question is for how much longer?
The judge is determined to say the least, to not allow the legal process to be used by the banks or OFT to slow the progress of the legal process which will bring about the conclusion of bank charge claims. This will not have gone unnoticed by the banks advisors who are no doubt addressing the strategy of how to manage their way out of this problem.
Risk and Reward
Banks deal with all situations in one way, by assessing the ‘Risk and Reward’, this is how they run their business on a day to day basis. When the Test case was announced the banks agreed that they would become involved as there was no risk and potentially a huge reward. Up to that point banks were refunding charges albeit slowly and causing problems, however, the test case announcement meant this stopped. This allowed the banks to take stock and if they lost the court case the worst position that they would find themselves in is the same position as before the test case was announced. Indeed they have received considerable income by still charging penalty charges in the meantime. The reward would have been that the judge could have found in the banks favour. This position has low risk for the bank and potentially a huge reward. Good Bankers risk!
However, the judge has ruled against the banks, so if this legal process reaches a final legal ruling to determine the fair level of charges the risk to the banks would be enormous. Bank customers would be legally able to recover considerable sums from the bank in addition to charges, to compensate for financial losses caused by the charges. The reward would again be good but as the banks charges structures are changing the banks have already made a decision that these charges will now be considerably lower so the reward is not high but only fair to good. This situation is high risk with a fair to good reward. This is not a situation that the banks want to put themselves in as the risk is too great where they have no actual control over the conclusion. Bad Bankers risk!
Opinion
It is difficult to know what is going to happen exactly. The banks have control of the situation for the next 6 weeks until the next court hearing as they have the right to appeal. However, this control could be removed in July by the judge who could state that claims could be resolved following his ruling and the report from the OFT. In addition the FSA could remove its protective waiver or certainly not renew it due to the judgement.
Barclays have just announced that from August their charges are to reduce to £8. The other banks are expected to soon follow. Whilst this is not an admittance that their charges were unfair, I can’t imagine this stance is going to help them in the test case process. The fact that the banks have argued in court that their charges are fair and reflect their costs is undermined by the action of Barclays and the other banks which are sure to follow Barclays lead.
The question is will the banks use these next few weeks before the hearing in July to begin the process of resolving claims?
Why choose Bank Complaints:-
- We have an extensive banking background in the roles of Personal and Business Banking Managers with a proven track record in resolving bank complaints for Personal and Business customers.
- Having operated for over 8 years our reputation for resolving difficulties and now reclaiming Bank Charges, Mortgage Fees, Payment Protection Insurance, HP Fees, Asset Reclaims, General Insurance Claims Shortfalls has resulted in our service being used throughout the UK.
- Our reputation, knowledge and skill in dealing with banking situations of this kind helps to protect the integrity of our client and maximises the opportunity to recover monies via our claims.
- We deal with your claim from start to finish, hopefully achieving a successful conclusion.
- We are registered with the Information Commissioner as data protection controllers.
- We have an extensive banking background following roles as personal and business banking managers with a proven track record in resolving Bank Complaints for personal and business customers.
We will:-
- Contact your bank.
- Recover your statement information or other paperwork if you do not have this available.
We have been established for over eight years successfully resolving complaints and obtaining the recovery of fees, charges and mis-sold premiums on behalf of personal and business clients. We are confident in our own abilities to the extent that we as a private firm offer our service on a no result no fee basis, our fee being 25% including VAT of any amount recovered on a client’s behalf.
If you believe our direct involvement will help please complete the paperwork which is available by download for the appropriate service on the site or call on 01803 782266 so an agreement and authority can be forwarded or to answer any questions you may have. Alternatively please email your address and telephone details to info@bankcomplaints.co.uk including the name of the bank or banks whom you have difficulties with (please do not forward your account details by email. You can forward this information if you wish to proceed after receiving our information).
Once you have returned our agreement where there is a fourteen day (cooling off) period when you may cancel your agreement should you wish not to proceed. You can then leave everything with us to begin the recovery process of your charges in a considered and professional manner.
New claims
Bank Complaints Ltd is regulated by the Ministry of Justice in respect of claims management activities its registration number is CRM4364, to view authorization please click on the following link
http://www.claimsregulation.gov.uk/details.aspx/4364/Bank_Complaints_Ltd/2.
As a company we are also registered data protection controllers reference Z8045302 where our status can be confirmed by the Information Commissioner by following the link
http://www.esd.informationcommissioner.gov.uk/esd/search.asp