This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorWhere you watching Prime Ministers Questions yesterday? Ok, so that’s 3 of you, but this session gave us all an insight as the PM revealed more about the new Financial Services Bill. The Bill was brought up as Brown tried to dodge a question about the bank charges test case result and in doing so he disclosed some interesting information about future finance related legal cases.
The Financial Services Bill will ring in some essential changes to the way banks, building societies and lenders are regulated, but it’ll introduce one feature in particular that’s going to make a massive difference. As a result of the Bill, the Financial Services Authority (FSA) will gain ‘Class Action’ powers that enable it to bring a number individual PPI claims together and fight their cases as one. This means that 100 people complaining about one particular bank can have all their cases and evidence put forward in one single hearing against that bank. Powerful stuff.
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