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Standard User Chrysalis
(legend) Sun 30-Jun-13 21:54:23
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Re: Banks must cancel recurring payments


[re: Bob_s2] [link to this post]
 
In reply to a post by Bob_s2:
Lots of people have had problems cancelling regular payments. The Financial Conduct Authority (FCA) has now made it clear that if the account holder requests it to be cancelled they have to cancel. It does not need the permission of the company to cancel

Major banks and mutuals must also review every complaint they have received about the non-cancellation of a CPA since November 2009 and pay redress when payments have continued despite the customer cancelling the agreement.


this was always the case by law, but the banks got confused who they worked for and the regulator it seems got confused also, but basic law already was on the side of the account holder authorising the payments.

BT Infinity 2 Since Dec 2012
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