bbb_uk wrote on Sep 7
th, 2006 at 7:47pm:
Even though they knew they didn't comply with relevant FSA rules, they still carried on selling insurance. What does that tell you about them?
I've actually witnessed how low their CPW staff can go with regard to lying, etc. I witnessed a CPW staff tell an existing customer that they couldn't port the number over so the customer could take advantage of the 'new' customer deals - instead informing the customer that they would have to just settle with an upgrade (and pay the relevant fee). A blatant lie
Yes bbb but what it does tell you about the FSA actually being a serious regulator that instead of simply taking this constantly lieing deliberately trickery and bullshit from one of the most regularly close to the wind sailing uk companies (remember broadband for life etc) that they just slap a nice big fine on them. Of course I doubt that £245,000 is going to hurt CPW much and probably it would need to have been at least £5 million to make CPW sit up and take notice. But at least something serious has happened which is a damn site better than Ofcom where I tried complaining about calls I was making as a TalkTalk customer that were dialled but not ever answered and still billed to me with the minimum call charge where all I got was the usual big brush off from OfCoN.
The FSA is a serious regulator that realises big business only takes things seriously if it costs them money. However both OfCoN, Otelo, and the Office of the Information Commissioner are joke token regulators who basically exist for the benefit of commercial companies. Even when commercial companies have committed the most unspeakable acts of trickery completely disregarding the spirit and the letter of the regulations these useless bodies simply ask them to come in for a chat and send them a polite letter suggesting perhaps they might not do it next time. But usually they do not have to repay any of the money they have gained through their trickery, they are not fined and the whole thing is a complete disgrace. By contrast compare this with a little old lady who refuses to pay her Council Tax on the grounds that she does not use any of the services charged for where local authorities will show no compunction at all in taking her to court and having her thrown in jail if she still does not pay up.
Unfortunately in ripoff Britian the regulators are stacked with cronies from the industries they are supposed to control and the only purpose of their existence seems to be token regulation against the odd rogue small company without friends in high places while the commercial big boys simply have the law changed to make their previously illegal actions legal.