FSA gives banks new six-month complaints waiver

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FSA gives banks new six-month complaints waiver

Tue 22nd Jul 2008

The Financial Services Authority (FSA) has issued a new six-month waiver for banks being pursued on overdraft charges.

It replaces an existing waiver which expires on Saturday (June 26th).

Banks and building societies under the waiver are not obliged to handle complaints until January, leaving thousands of people waiting to see whether they will receive compensation.

The waiver was introduced last July when the Office of Fair Trading (OFT) started court action claiming that high charges for unauthorised borrowing are unfair.

FSA spokesperson Dan Waters said the organisation's objectives "continue to be certainty over this complex issue and a fair and consistent resolution of consumer complaints about unauthorised overdraft charges".

Lloyds TSB was recently found to be the 'worst' for penalising people who briefly fall into the red in a survey by financial website Moneynet.co.uk.

It reported that those with the Lloyds TSB Classic Plus account who exceed their agreed overdraft limit by £50 for two weeks are charged £165.

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