Lastminute.com commits to refund over £7m for cancelled holidays

first_imgLastminute.com commits to refund over £7m for cancelled holidays The Competition and Markets Authority (CMA) has been investigating lastminute.com after receiving hundreds of complaints that people were not receiving refunds for package holidays cancelled due to the Coronavirus (COVID-19) pandemic.More than 9,000 customers whose holidays were cancelled by lastminute.com are currently awaiting refunds, amounting to over £7 million. Many of these will have had to wait more than 14 days, exceeding the repayment window required by law. Following CMA intervention, lastminute.com has now signed formal commitments – known as ‘undertakings’ – to pay these refunds as soon as possible and by 31 January at the latest.The commitments secured by the CMA will also mean that anyone entitled to a refund for a holiday cancelled by lastminute.com on or after 3 December 2020 will be paid within 14 days.To ensure that lastminute.com adheres to its commitments, the company must provide the CMA with regular reports on the progress of its refunds.Andrea Coscelli, Chief Executive of the CMA, said:Online travel agents have a legal responsibility to provide prompt refunds to customers whose holidays have been cancelled due to coronavirus – irrespective of whether the agent received refunds from airlines and accommodation providers.Our action today means that customers whose holidays were cancelled by lastminute.com will receive their money back without undue delay.The CMA is continuing to investigate package holiday firms following concerns that people are not getting the refunds they’re entitled to when bookings can’t go ahead because of the pandemic. If we find that businesses are breaching consumer protection law, we will not hesitate to take further action.Today’s announcement follows significant action by the CMA in relation to holiday cancellations. It has written to over 100 package holiday firms to remind them of their obligations to comply with consumer protection law, and has already secured refund commitments from Virgin Holidays, /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:coronavirus, Government, Holiday, Internet, investigation, law, money, online, pandemic, travel, UK, UK Governmentlast_img read more

Expanded Powers Proposed For the BOJ

first_imgExpanded Powers Proposed For the BOJ November 9, 2011 FacebookTwitterWhatsAppEmail KINGSTON — The Bank of Jamaica (BOJ) has released a discussion paper on institutional arrangements for safeguarding financial stability, which outlines proposed amendments to the BOJ Act to vest the bank with overall responsibility for financial stability, through a Financial Stability Committee.   The paper which was posted on the BOJ website at the beginning of the month (November 2011) reflects amendments and comments received from the Attorney General’s Chambers, Ministry of Finance, the Financial Services Commission, the Jamaica Deposit Insurance Corporation, the Jamaica Securities Dealers Association as well as individual financial institutions. However, that being done, the BOJ has extended the discourse to other interested parties, through publication of the proposed amendments on its website, www.boj.org.jm, with an invitation for comments. The major policy shift would arm the BOJ with institutional responsibility for financial stability in Jamaica. It is an element of the set of reforms that underpin the Stand-By Arrangement with the International Monetary Fund (IMF), while seeking to provide appropriate safeguards, going forward. According to the paper, “one of the important lessons emanating from the global financial crisis, is that institutional responsibility for the stability of the financial system, as a whole, needs to be clearly defined, codified and assigned.” The discussion paper noted that full responsibility for financial stability is “unclear where there are multiple supervisory agencies, with none having the authority or mandate to oversee the links among different kinds of activities and to recognize and address systemic risks.” The document stated that, in order to address this deficiency, the route taken by most jurisdictions has been to locate this function within their central banks. “Adding financial stability oversight to the role of central banks has been a logical choice in light of their existing supervisory role over banking institutions, in most cases, their core mandate to influence conditions in money and credit markets and their essential function as store of liquidity in the economy,” the BOJ document stated. The paper argued that the main requirement to effect this change is the definition of a set of amendments to the BOJ Act, to facilitate a more macro-prudential approach to oversight of the financial system as a whole. “This would complement the BOJ’s traditional direct prudential approach to supervision of the deposit-taking system and expand both the focus and scope of the consultative process currently conducted through the Financial Regulatory Council,” The Paper added. The Central Bank reflected that many other jurisdictions around the globe are concurrently pursuing a similar process of financial architecture reform, to formalize the financial stability role and that, based on Jamaica’s “own experience and regulatory architecture as well as other considerations”, amendments to the BOJ Act have been proposed to meet the objective of assigning formal responsibility to the BOJ and ensuring its ability to discharge the function. The proposed amendments, which will “mandate the financial stability objective of the BOJ”, includes macro-prudential oversight of financial institutions, in addition to the current mandate for the direct prudential supervision of individual institutions and sub-sectors within the deposit-taking system. In this regard, financial institutions would include those that currently fall under the regulatory oversight of the BOJ or Financial Services Commission, including deposit-taking institutions, securities dealers, insurance companies, cooperatives, collective investment schemes and pension funds. Provisions would also be necessary to allow for the BOJ to designate any other type of financial institution to be subject to this type of oversight. Importantly, the BOJ Act would be amended to establish the Financial Stability Committee, which would be charged with the responsibility for coordinating the activities “pursuant to the objective of financial system stability.” The tasks of the Committee to be set out in the BOJ Act and would include: macro-prudential analysis; oversight of the design and conduct of periodic stress test scenarios in regard to plausible systemic threats to the stability of the financial system; periodic consultation with representatives from financial sector stakeholders in order to seek their views and obtain their input in assisting the Committee’s understanding of developments that may impact on financial stability;  determination of an institution’s risk to financial stability; Determination of parameters which trigger action in respect of a financial institution as required under the BOJ’s financial stability mandate; co-ordination of crisis prevention, crisis management and crisis resolution mechanisms and procedures; international cooperation in support of financial stability objectives; preparation and provision of periodic and exceptional reports to the Minister of Finance assessing the performance of the financial system; and any other activity as determined by the Committee in support of its financial stability objective. The composition of the Committee, which is expected to include non-BOJ staff, will be specified by regulations made under the BOJ Act. The law should also contain appropriate provisions to ensure that all members of the Committee are subject to confidentiality requirements relating to the work of the Committee, similar to those that bind supervisory staff of BOJ and should also be indemnified with respect to their activities as Committee members. An important proposed amendment to the BOJ Act is granting the Central Bank discretionary powers to provide liquidity, which would“allow expressly for the provision of emergency liquidity assistance to financial institutions in the event of a threat to systemic stability and in accordance with criteria of systemic importance, solvency and collateral sufficiency.” Interested parties wishing to contribute to the discussion paper should send comments to the Governor, Bank of Jamaica, Nethersole Place, Kingston; Fax: 876-967-4265; Email: [email protected]  Comments should be received by December 31. RelatedExpanded Powers Proposed For the BOJ By Allan Brooks, JIS Senior Reportercenter_img RelatedExpanded Powers Proposed For the BOJ RelatedExpanded Powers Proposed For the BOJ Advertisementslast_img read more

Stephon Clark’s brother escorted from City Hall after taking over meeting

first_imgiStock/Thinkstock(SACRAMENTO) — The brother of Stephon Clark, fatally shot by Sacramento police earlier this month, was escorted out of a city council meeting on Tuesday after he interrupted the forum and rallied the crowd to chant his brother’s name.Stevante Clark stormed into the meeting, yelling, cursing and ignoring calls to restore order, video of the meeting showed. He also climbed up to a dais where the mayor was seated and be began to yell into a microphone.“The mayor and the city of Sacramento has failed all of you,” Stevante Clark said. “The gang-banging has to stop. The poverty is uncontrollable. I need y’all to hear me.”He was escorted out after he began rambling and swearing during his remarks.The special meeting, scheduled to discuss his brother’s shooting and alleged police brutality, eventually was shut down because of safety concerns.Stephon Clark, 22, was shot and killed by Sacramento Police officers in his grandmother’s backyard on March 18 after officers responded to a 911 call that described a man in a hoodie breaking car windows and hiding in a backyard.When the officers encountered Stephon Clark, according to body-cam footage, they believed he was in possession of a “toolbar.” A responding officer said Clark motioned toward them, and one officer can be heard on the video yelling, “Show me your hands … Gun, gun, gun.”The two officers fired 20 shots. Investigators later determined Clark had been holding only a cellphone. Both officers have since been placed on administrative leave.Tensions in Sacramento have been high since the shooting, with protesters takings to the streets to demand change.Hundreds of demonstrators blocked the entrance to the Golden 1 Center ahead of an NBA game late Tuesday, preventing Kings fans from attending a game for a second time this week.Police said they arrested a man during a separate protest earlier outside the City Hall, where demonstrators reportedly forced themselves into the atrium and knocked over metal detectors, according to ABC affiliate KXTV.That man was charged with assault on an officer and drunk in public, according to the Sacramento Police Department.Copyright © 2018, ABC Radio. All rights reserved.last_img read more