Waiver on bank charge complaints extended

The Financial Services Authority (FSA) has granted a new waiver to banks concerning complaints handling.

The move, which relates to consumer grievances over unauthorised overdraft charges, was made because there is still uncertainty as to how companies should respond.

While a legal test case over unauthorised overdraft charges has made "considerable progress", the FSA conceded that the issue is not clear.

Dan Waters, director of retail policy and conduct risk at the FSA, said: "Our objective continues to be facilitating a fair and consistent resolution of consumer complaints about unauthorised overdraft charges."

The move will apply to banks that signed up to a similar waiver in January of this year, meaning around 98 per cent of the market is affected.

Under the terms of the waiver, signatories will not be required to handle complaints brought by consumers within time limits set out in the FSA's dispute resolution manual.

An independent body, the FSA aims to promote efficient, fair and orderly markets, as well as help retail consumers achieve a fair deal.
ADNFCR-2353-ID-19278772-ADNFCR

23/07/2009 14:41

News category:

Return to News