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  • #1

    FCA

    Just wondering if a new subsection for the new regulator is in order? Plenty of stuff starting to appear to do with consumer credit.

    FSA website now referring everyone to the FCA and the OFT now saying it closes on the 31/3/2014

    Would be interesting to see any comments from people who know more than me on PS14/3. Seeing as this is what everyone is going to have to get used to.

    Something that strikes me is this concept of Treating Customers Fairly (TCF). Be interesting how long some of the practices long employed by the pond scum survive.
    Tags: 1st, action, april, banks, cca, collection, comi, conduct, consultation, consumer, consumer credit, credit, customers, date, dca, dca's, debt, debt collection, debt management, fca, financial, guidelines, letter, management, money, niddy, no cca, notes, oft, online, points, policy, reference, regulator, results, rules, unenforceable, website, world
  • #2
    Re: FCA

    Thanks for this suggestion Ken...I'll bring it to Niddy's attention..

    Elsa x

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    • #3
      Re: FCA

      Was having a look through those and there are quite a few interesting points. A lot the same, but some modifications from consultation for the old DCG and DMG amongst others.

      Need to down and go through but it is a long long read.
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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      • #4
        Re: FCA

        Yes been having a read myself. Quite alot of practices in there that the pond scum are going to have to do through gritted teeth.

        Nice section on section 77-79 requests and what they are meant to do.

        Like the bit where it seems to imply if the account is unenforceable for whatever reason then any request for payment has to state this aswell as explaining what unenforceable means.

        Please give us some money you horrid little debtor. On and by the way we havnt complied with your section 77-79 request so this debt is unenforceable which means we can threaten as much as we like but we cannot get a judgement. And if we cant get a judgement we cant actually do anything at all except threaten you.

        Cant see a letter like that coming very soon. I wonder why.

        Also like the fact FCA has said this conc rules applies from 1st April 2014 no exceptions.

        Comment

        • #5
          Re: FCA

          Dear Me, there's got to be some divine irony here! I'm not religious, but I just Googled PS14/3 and one of the results was:
          Psalm 14:3 :
          All have turned away, all have become corrupt; there is no one who does good, not even one.




          For reference, here's the real version - Financial Conduct Authority - Policy Statement PS14/3
          Attached Files
          Last edited by Undercover Elsa; 9 March 2014, 14:16.

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          • #6
            Re: FCA

            CONC (CONsumer Credtit) Sourcebook and other changes now available on the normal handbook page in browsable HTML.

            This is where the the equivalent of the OFT Debt Collection Guidelines, debt management guidelines etc now live post OFT.

            http://fshandbook.info/FS/html/FCA/

            Set the date at the top to April 1st 2014 or later, and you then find under the Specialist Sourcebooks expandable menu item on the left.

            Plus other items of changes.

            Click image for larger version Name: d14dd001.jpg Views: 1 Size: 184.4 KB ID: 1399682
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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            • #7
              Re: FCA

              To jump to a section just add /CONC/XXX

              XXX being the relevant number between 1-15

              ie --> http://fshandbook.info/FS/html/FCA/CONC/7
              I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

              If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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              • #8
                Re: FCA

                The document in Elsa's post is the full deal with notes explaining what has changed and why, but it is awful to read and browse.

                Hence the online handbook being an easier way in for the average person.
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                • #9
                  Re: FCA

                  I have just had a quick look at this

                  Some very interesting points, Particulary as others have said in relation to UE accounts and the fact that banks/DCA's should advise that the account is UE

                  However I can see that banks will be of the opinion that they have complied with a s78 request ect so in their eyes it is compliant and enforceable - Just as they do now!!!

                  It should help with the cases where there is no CCA due to age ect - The guidance seems to be reasonably clear on if there is no agreement in place.

                  Although with UE cases there is hope that the FCA would then investigate and tell them otherwise.........I'll keep holding my breath but there is hope

                  This may bring about some welcome changes to the debt collection world - It will be interesting to see it "in action" when it becomes live
                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                  • #10
                    Re: FCA

                    My thoughts too Spud.

                    Shiny new regulator which seems to be making some waves for sure.

                    Lets just hope they focus on the DCA's aswell.

                    Which other industry would be allowed to make stuff up to get money. In any other industry that would be classed as fraud. If they have been careless enough to not comply with the law or lost the paperwork well thats their fault and they certainly then shouldnt be allowed to get up to some of the things they do.

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