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Monday, January 26, 2009

FSA Fails Again

The Financial Services Authority (FSA) has once again demonstrated to all and sundry that its role is to protect its paymasters in the financial services industry, rather than champion an efficient, open, transparent and honest financial services industry for hapless consumers and investors.

The FSA has announced that it is extending the waiver that allows banks not to pay out on claims for compensation for overcharging on unauthorised borrowing.

The waiver was introduced in July 2007, when the Office of Fair Trading (OFT) began a court action to prove that high charges for unauthorised borrowing are unfair. It was due to expire next Monday. However, the court case is still ongoing and the FSA has said that it will allow banks to put claims on hold for a further six months.

While the waiver is in place the Financial Ombudsman Service will not proceed with complaints, and cases in the county courts have also been put on hold.

Another nail in the coffin of the FSA's reputation.

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