Not often, but this time..
Yesterday the news came out from the new city watchdog The FCA, that most of the major High St Banks are to give your Direct Debit Mandates a second pass through the system. So instead of just running through – usually at beginning of the day – before your wages/salary has been credited to your account – normally in the afternoon – you’ll get a second pass, or retry.
FCA secures commitment from high street banks to use a ‘retry system’ when processing payments to stop unnecessary penalty charges
Here is a run down of the obliging banks concerned;
*National Australia Group (Clydesdale and Yorkshire banks)
NB: Lloyds Banking Group already operate a retry process on many transactions and is to update it systems further.
The press release is at fca.org.uk [sadly at time of publication the rss link was down] try this though buff.ly/13h8bYz
Right back to the kitchen, but here’s a word from me wearing the other hat…
During next week an announcement should be forthcoming from the House of Commons parliamentary commission on banking standards.
Set up following the Barclays’ Libor-rigging scandal and rumoured to be some 600 pages in length, this isn’t going to be a pat on the back. Quite the opposite. So a pretty picture of the Chairman Andrew Tyrie before the mayhem – I mean the recommendations.
Also my local MP, by way of mention. And no, I haven’t had an early peek. I sorely wish!