MoneySavingExpert.com homepage
Cutting your costs, fighting your corner
Founder, Martin Lewis · Editor-in-Chief, Marcus Herbert
Search bar closed.
MSE News

Queen's Speech: national reclaiming body to be set up

reclaim_cash
Guy Anker
Guy Anker
Deputy Editor & Head of Operations
18 November 2009

The Queen has today announced measures to improve financial education and establish a national reclaiming body as part of legislation in the Financial Services Bill.

In her annual speech to Parliament, she also confirmed plans to outlaw unsolicited credit card cheques.

She said: "My Government will continue to reform and strengthen regulation of the financial services industry to ensure greater protection for savers and taxpayers. Legislation will be brought forward to enhance the governance of the financial sector and to control the system of rewards."

The key personal finance elements of the bill, as revealed by Number 10, are:

  • Banning unsolicited credit card cheques, to prevent financial institutions from encouraging customers to borrow more than they can afford.

  • The roll-out of a national money guidance service, to be delivered by a new Consumer Financial Education Body.

  • Enabling large numbers all affected by the same problem to bring a group action through the courts, such as reclaiming fees. And to enable the FSA to order a review of past business, and secure compensation if there have been breaches.

The bill will also lay out plans for tougher regulation and curbing bankers' bonuses.

Philip Cullum, acting chief executive of lobby group Consumer Focus, says: "The Financial Services Bill provides an opportunity to protect consumers who have been badly treated by financial services companies.

"We would like to see it go further to ensure that consumers are not stuck at the back of the queue when a company they have paid money to in advance goes bust."

Further reading/Key links

Reclaiming guides: Bank charges, Bank charges hardship, PPI reclaiming, Mortgage exit fee, Endowment misselling

MSE Forum

National reclaiming body to be set up

Forum image
MSE Email icon 5 November 2024

For all the latest deals, guides and loopholes simply sign up today - it’s spam free!

Martin's Savings Masterclass
Boost your interest NOW
Life insurance for beginners
Save £1,000s
Paying off student loan?
Some can get £100s back
'Free' National Trust family pass
Normally about £30
Are solar panels worth it?
See our updated guide
TWO pairs of specs £14
Including delivery
Budget need-to-knows
Stamp Duty, carers & pensions
Tools and calculators

Clever ways to calculate your finances

Find your odds of getting top cards
Find your odds for getting a cheap loan
Compare broadband, phone & TV deals
Compares thousands of mortgages
Eight calcs to help you work out the cost
We ensure you’re on the cheapest tariff