Subscribe to The Money StopNews Feed

Browse > Home / News, News-Banking / Customers’ rights ‘breached’ by bank laws

Customers’ rights ‘breached’ by bank laws

January 12, 2007 by admin  
Filed under News, News-Banking

Leave a Comment

New rules, concerning the sharing of information about customers between banks, are being criticised.

Credit check firm checkmyfile.com says the move could be in breach of millions of people’s basic human rights.

The company claims that the rules will erode customers’ rights to privacy as details of around 33 million current accounts could be shared without the individuals’ consent.

At present, it is not legal for the details of older accounts, those opened before 1998, to be shared, but the Department of Trade and Industry is said to be looking into getting around this.

“The government’s proposal will drive a coach and horses through banking confidentiality, data protection laws and the European Convention on Human Rights,” said a checkmyfile.com spokesperson.

“For many people, their is sacred and most bank accounts are still not shared with the credit reference agencies.”

The present law means account details cannot be shared with anyone without the individuals consent.

Tags: banking confidentiality, protection, Human Rights, reference, credit reference agencies, bank account, customers rights

Tags:

Related Entries

  • Calculis: “No such thing as common law marriage”
    • Calculis, the independent financial advisory, has said today that the idea of a common law marriage is a myth as it is not legally recognised, as many people believe. Director of Calculis Alex Pegley said
  • Consumer protection laws could fail to protect travellers
    • Over the past couple of years many people that have booked flights and holidays have been shocked to hear that the holiday firm or airline that they booked through has gone bust, leaving them wondering
  • Investigation over energy mis-selling to be carried out
    • It has been revealed recently that four of the big six energy giants in the UK are at the centre of an investigation over the mis-selling of energy to UK consumers. The investigation is to
  • Overdraft claimants’ cases put on hold
    • Bank customers' hopes of reclaiming what they see as unfair and excessive charges for going overdrawn took a serious hit today.Industry watchdog, the Financial Services Authority (FSA), announced that banks would be allowed to only
  • Are you protected if your airline goes bust?
    • Over the past couple of years the news has been filled with stories about airlines and holiday firms going bust, and whereas in the past many people would simply book the cheapest airline or holiday
  • Banks threaten to close accounts as charge row escalates
    • Account holders who have complained at seemingly excessive bank charges have been threatened with having their accounts shut down.A study from This is Money, revealed by the website yesterday, showed that over one in eight
  • Bank charge row
    • The British Bankers' Association (BBA) has hit out angrily in retaliation to a Which? magazine report that claimed banks are trying to trick their customers.The publication looked into bank charges and found that many banks
  • Consumer White Paper – Protection For All Consumers
    • The consumer White Paper, which outlined proposals to but a stop to unscrupulous lending by credit card companies, also contained measure to strengthen the rights of ALL consumers- those who feel ripped-off or conned. The

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!