Why the National Consumer Agency does not get involved in the high SVR issue

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Raging Bull

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The banks can get away with this because so many people are in negative equity and hence can't move mortgages.., in an ideal world the National Consumer Agency would take a case for profiteering and anti competitive practice

They have the legal powers to di this but they have a memorandum of understanding with the Central Bank not to act in that capacity for financial issues.,, it sounds incredible but its true I actually have a copy of it
 
Hi Raging Bull, is the memorandum of understanding designed to prevent the CB from interfering with the banks to the detriment of the mortgage holders thus allowing the banks unfettered dominance of the financial markets particularly the mortgage market?

Am I understanding this correctly?
 
The MOU is designed to stop the NCA advocating on consumer financial issues,, the agreement is to leave that to CB

The NCA is set uo in part to comply with EU law so this MOU is likely to be illegal as it subverts all our rights to consumer protection and anticompetitive practices

So no in answer to your question in relation to CB

But a big YES for the NCA
 
Obviously central bank allowing banks to fleece us as they want to help banks rebuild balance sheet, increase protitability and subsidise loss making trackers
 
The gagging of the NCA takes away fundamental rights but the Minister has powers over the CB and therefore the banks leaving that channel of action open through the Minister. I maintain the Minister has statutory rights over the CB hence control over banks. I believe he is very much in error here. What we are seeing here is a ceding of citizens rights to the banks.
 
Raging Bull said:
the National Consumer Agency would take a case for profiteering and anti competitive practice

They have the legal powers to di this but they have a memorandum of understanding with the Central Bank not to act in that capacity for financial issues.,, it sounds incredible but its true I actually have a copy of it
Click to expand...

Hi

Are you sure you have a copy of this?

It's not listed on the Central Bank's Memoranda of Understanding

[broken link removed]

Please email me a copy.

Brendan
 
The National Consumer Agency is now part of the Competition and Consumer Protection Commission. This is what they say on their website:

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I will have a look for it you can always ring their helpline and they will fob you off so you will know what im saying is true
 
Sent you a PM I found it,,.signed by Matthew Elderfield and Ann Fitzgerald then head of NCA.,, its called a "cooperation agreement" and in it the NCA agrees to forbear most of their powers with respect to consumer protection in financial products

Its not just SVR but everything,,.most likely the agreement is illegal as it circumvents the Oireacthas and EU law
 
Thanks Bull

I found it and have attached it to this post.

I have not read it yet, but I think that it is more limited that you suggest.

However, it's clear that the NCCA is not taking any action, for whatever reason.

Brendan
 

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The key word of the document is forbear in section 6....the agreement is allowed under section 21 of consumer protection act however under that act the NCA has no instructiin or abilty to completely abscond from its powers which it has done
 
Look at sections 41 to 49 and 51 to 56 of consumer protection act 2007.,, in this cooperation agreement the NCA agrees to give up their powers to CB

They are still allowed by the CB to provide information to consumer under section 50 which is essentially all the general public know them for but they have all these powers they won't because they are under the thumb of CB
 
The “cooperation agreement” is also mentioned in this submission in response to OECD questionnaire. See page 5, section 2.2

“As per a February 2011 cooperation agreement with the Central Bank, the NCA has agreed to forbear its functions in relation to financial services legislation, except the function regarding consumer information on financial products and services. However, the NCA reserves the right to enforce in the event that the Central Bank is of the view it will not take any action.”
 
Hi Sop

That is an amazing document. Well spotted. I am almost crying in frustration reading it though.

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If anything is forbear to CB, beware the CB do not deal with individuals/ complaints and if they even llisten to you they will claim professional secrecy and can't tell you outcome if they choose to investigate

The agreement violates the EU law principal of effectiveness in that it makes it almost impossible to enforce EU acquired rights of which the right to consumer protection is a fundamental right
 
You couldn't make this up

The OECD document says the competition authority has power to take a competition case but has devolved its right to do so to CB who does not have the power or mandate to look at anything competition wise

Its worse than I thought but at least we know the score now
 
OK, I have dried my eyes out now, and I wonder if there is an angle here?

I had asked Brian Hayes to make representations to the Commission to get an enquiry into the mortgage rates in the Eurozone and what factors cause them to higher and lower in different countries.

But I had not thought of the OECD. They have been looking into it.

http://www.oecd.org/daf/competition/competition-in-financial-consumer-protection.htm

It's certainly the right language. I know nothing about the OECD and how it works though.

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Sorry folks, I think we are being a bit unfair to the National Consumer Agency here. They take their responsibilities very seriously. They have taken robust action when necessary e.g.

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Is there no smiley for someone crying?
 
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