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Edition 71: May 29th 2008 In this newsletter:. News
Bank Transfer Payment Times Speeded
Up
News Bank Transfer Payment Times Speeded Up A new system intended to speed up the time it takes to make cash transfers between bank accounts online or by phone has come on stream. The Faster Payments Service started on 27 May. The system should see transfers made online and by phone completed on the same day and usually within two hours. Under the old system such transfers could take as long as three days. The Faster Payments Service is the first new payments system to be introduced in over 20 years. After complaints from customers, the Office of Fair Trading ordered the banks to come up with a method of transfer that did not leave people waiting for days before the money was switched from account to account. Last year some 124 million payments were made via internet and phone banking, a figure forecast to climb to 300 million annually in the coming decade. Despite the fact that 13 banks have adopted the system, the system is not expected to be fully operational until later in the year as the process is to be implemented on a phased basis. On the first day, just 5 per cent of payments will benefit from the accelerated process. Some of the banks have also imposed, in the short term, a limit on the amount that can be transferred. In time, however, when the rollout has been completed, the limit will be 10,000 pounds for single transactions. Standing orders begin processing under the Faster Payments Service as from 6 June. Businesses may have to wait longer still to take advantage of the speedier system. It is thought that the banks will want to make sure the process is both secure and reliable before offering it to business customers. Cheques are not included under the new system. The banks operating the Faster Payments Service are: Abbey, Alliance and Leicester, Barclays, Citi, Clydesdale and Yorkshire Banks, Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank, Northern Rock, and Royal Bank of Scotland Group including NatWest and Ulster Bank.
New rules aimed at protecting people from unscrupulous businesses have come into effect in the biggest overhaul of consumer law for 40 years. The Consumer Protection Regulations, which were implemented as from 26 May, outlaw 31 specific practices such as advertising a special offer but claiming it is not in stock, closing down sales when stores are not closing, pyramid schemes and aggressive, bullying sales methods. Also banned is sales information which, even if it is factually accurate, deceives consumers into purchases or transactions they would not otherwise have made. The breadth of the legislation includes false testimonials by supposed customers extolling the virtues of products and services. Most importantly, for the first time the new law imposes a wider duty on firms not to trade unfairly, the aim being to avoid the introduction of new rules to ban every new scam. Businesses that breach the various regulations can be prosecuted by the Office of Fair Trading and the Trading Standards Authority. Serious offenders could face criminal charges and fines of up to 5,000 pounds or two years in prison. However, consumers will not be able to take civil actions for compensation against businesses that have treated them unfairly, though the Department of Business, Enterprise and Regulatory Reform has asked the Law Commission to investigate the possibility of introducing a civil redress mechanism. Carl Belgrove of the National Consumer Council said: "These new laws represent a big boost to consumer protection, particularly for vulnerable people who are targeted by rogue traders. The one thing missing is a way for consumers to claim compensation when businesses act unfairly and we hope that will be remedied soon."
Internal News New Member To Our Finance Team
We are pleased to welcome Jeff Spurdle to the A P Robinson & Co
Financial Services Team. New Baby for Relationship Manager Jodie Osbourne Congratulations to Jodie who gave birth to baby Jack on Saturday 24th May. Jack weighed an impressive 8.7 pounds! We wish Jodie and her new family all the best.
Work Experience Opportunity This Summer
Looking to gain valuable work experience this summer in Marketing?
Win Your Business Accounts for FREE for ONE YEAR ONE WEEK LEFT to enter your business into our fantastic competition where we are giving 25 businesses their accounts completed for free for 1 year, in celebration of our new Scunthorpe premises.
The competition closes on Friday 6th June 2008 where GSMG
will select 25 very lucky businesses to win the prize. Business
entrants can be of any size, industry and even current clients of
the firm. Terms and conditions apply.
Fingers crossed! |