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MoJ to Probe Penalty Charge Firms MoJ to Probe Penalty Charge Firms Ministry of Justice is to investigate firms offering to recover bank penalty charges on no win, no fee basis, concern at cold call sales tactics 18.05.07 BBC, Bank Penalty Charges, Banking Law, Consumer Rights, Ministry of Justice

Insolvency Hitting Over-55s Insolvency Hitting Over-55s Survey shows a quarter of over-55s with debts above £10k are almost certain to declare insolvency, only 10% likelihood among the early-20s 04.05.07 BBC, Individual Voluntary Arrangements, Insolvency

Bank Charge Case Goes to Trial Bank Charge Case Goes to Trial Case brought by Tom Brennan against NatWest, asking for exemplary damages in recovery of £2500 penalty charges, Judge Simpson expecting case to be 'closely argued' 01.05.07 Guardian, Bank Penalty Charges, Banking Law, Consumer Rights, Financial Services

FSA to Probe Mortgage Market FSA to Probe Mortgage Market FSA is to undertake review of retail mortgage market, special interest in 'sub-prime' sector, lending to people with low credit rating, source of unravelling in US housing market 11.04.07 Telegraph, FSA Press Release, Consumer Rights, Financial Services, Financial Services Authority, Property Law

TK Maxx Hit by Mass ID Theft TK Maxx Hit by Mass ID Theft As many as 45 million people may be affected by theft of vast database of credit card and identity data from TJX, owner of 210-store UK fashion chain TK Maxx, breach began in 2005 and lasted 18 months 30.03.07 Times, Fraud, Identity Theft, Internet Regulation, Retail Law

OFT to Study Bank Pricing OFT to Study Bank Pricing OFT is to extend study of current account charges to cover entirety of retail banking prices, avoiding a 'quick-fix' solution and seeking to build picture of scope of services 30.03.07 Times, OFT Press Release, Bank Penalty Charges, Banking Law, Competition Law, Consumer Rights

Debt Judgments Leap Debt Judgments Leap Court debt judgments have increased by 33%, to 843k, Registry Trust suspects rising difficulty among banks and creditors to recover unpaid debts on credit cards, personal loans and mortgages 30.03.07 Daily Mail, Debt Collection

Safeguards for Xmas Clubs Safeguards for Xmas Clubs New rules will require Christmas clubs to ringfence customer money, follows collapse of Farepak, £33m loan to parent European Home Retail was not repaid 28.03.07 BBC, Consumer Rights, Farepak, Financial Services

High Rate of Penalty Charge Refunds High Rate of Penalty Charge Refunds Around 85% of people making claims related to bank penalty charges get at least partial refund, only a third of those entitled have made claims 23.03.07 BBC, Bank Penalty Charges, Banking Law, Consumer Rights

Paying for Financial Compensation Paying for Financial Compensation Investment banks 'furious' that Financial Services Authority (FSA) wants them to contribute to consumer compensation, including them in 'pool of last resort' in Financial Services Compensation Scheme (FSCS), critics say wholesale sector benefits from general stability of UK financial market 28.02.07 Times, Consumer Rights, Financial Services, Financial Services Authority

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Banks to Sue Retailer for Data Theft Banks to Sue Retailer for Data Theft A class action is being brought by banks whose credit cards are affected by mass theft of data from TJX, US parent of TK Maxx, claiming 'tens of millions of dollars' in damages, represents almost 300 banks 30.04.07 Eversheds, Data Protection, Retail Law

CC Issues Statement on PPI CC Issues Statement on PPI The Competition Commission has published an issues statement on its investigation into payment protection insurance (PPI), identifies areas relevant in deciding whether the market for PPI restricts, distorts or prevents competition 13.04.07 Competition Commission, Competition Law, Consumer Rights, Financial Services, Payment Protection Insurance

CC Issues Statement on PPI CC Issues Statement on PPI Competition Commission (CC) published the issues statement in its payment protection insurance (PPI) inquiry on 12 April 2007, standard procedure, sets out the questions and areas the CC believes are relevant in deciding whether any feature of the marketfor PPI restricts, distorts or prevents competition 12.04.07 Law Now, Competition Law, Financial Services, Insurance, Payment Protection Insurance

Consumer Credit Act In Force Consumer Credit Act In Force The 2006 Consumer Credit Act came into force on April 6, gives consumers rights to take complaints about lenders to the Financial Ombudsman Service (FOS) and challenge unfair credit agreements in court 10.04.07 DTI Press Release, Banking Law, Consumer Rights, Financial Services, Unfair Contracts

Poor Procedure Among Mortgage Advisers Poor Procedure Among Mortgage Advisers Financial Services Authority (FSA) today called on firms giving mortgage advice to improve their processes after new findings showed that only one third of the firms it sampled had robust processes in place to provide customers with suitable advice 08.01.07 FSA Press Release, Copyright, Financial Services

Repaying Interest-Only Mortgages Repaying Interest-Only Mortgages Consumers taking out interest-only mortgages generally have a reasonable understanding of the risks involved but a significant minority do not have a robust repayment strategy in place 17.12.06 Financial Services Authority, Endowment Mortgages, Financial Services

Crackdown on Illegal Lending Crackdown on Illegal Lending Treasury to provide specialist enforcement teams to tackle illegal money lending, complement to govt strategy of increasing the availability of affordable and appropriate sources of credit for those suffering from financial exclusion 04.12.06 HM Treasury, Consumer Rights, Criminal Justice

Rogers to Review Local Authority Law Rogers to Review Local Authority Law Peter Rogers, Chief Executive of Westminster City Council, is to lead an independent review of legislation enforced by local authorities to identify 5 key priorities, review will include over 60 policy areas with the aim to produce a more joined up approach to regulatory inspection and enforcement 30.11.06 Cabinet Office Press Release, Agriculture Law, Anti-Social Behaviour, Consumer Rights, Environment Law, Food Standards, Health & Safety, Licensing, Planning Law, Property Law, Trading Standards

Tribunals and Enforcement Bill Tribunals and Enforcement Bill Tribunals, Courts and Enforcement Bill to improve working of tribunals by providing statutory framework, widen range of people eligible to become judges, unify and provide statutory framework for law on civil debt recovery, certification civil enforcement agents (bailiffs), relief measures for debtors, reform compulsory purchase orders 17.11.06 Department for Constitutional Affairs, Courts, Debt Collection, Individual Voluntary Arrangements, Judiciary, Litigation, Tribunals Service, Queen's Speech 2006

VAT on Credit Handling Services VAT on Credit Handling Services HMRC has revised policy on the VAT liability of credit and debit card handling services supplied by agents, following the end of litigation in the cases of Bookit Ltd (Bookit) and Scottish Exhibition Centre Ltd (SEC) 03.11.06 HMRC Business Brief, UK Tax, VAT

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First Case to Test Penalty Charges First Case to Test Penalty Charges Lawyer Tom Brennan is bringing a court case against NatWest for hundreds of pounds in penalty charges racked up when he was a student, believed to be first case to go to hearing 12.04.07 Reuters, Bank Penalty Charges, Banking Law, Consumer Rights

Bailiffs Pursue Penalty Charge Repayment Bailiffs Pursue Penalty Charge Repayment Bailiffs called on the Halifax yesterday to collect repayment of £1900 in illegal penalty charges, banks says the court order was rescinded 05.04.07 Bank Penalty Charges, Banking Law, Consumer Rights, Debt Collection

Bank Charges Bank Charges Brian Mullen has obtained warrant of execution on judgment against Lloyds TSB for bank charges, argued penalties illegal as went beyond recovering costs, plans to send bailiffs into Reddish branch 17.03.06 Times, www.bankchargeshell.co.uk, Banking Law, Debt Collection, Unfair Contracts








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