"Paypal problems update" Topic

7 Posts

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Old Smokie	09 Nov 2009 9:06 a.m. PST
I am getting nowhere with my paypal problems so I have now complaied to the FSA in the UK. I found the link below on the internet and thought people may find it very useful. link
Grizwald	09 Nov 2009 9:13 a.m. PST
The domain name on that link says it all!
Old Smokie	09 Nov 2009 10:36 a.m. PST
it certainly does
vexillia	09 Nov 2009 12:32 p.m. PST
PayPal isn't registered with the FSA in the UK as it's a Luxemberg company. -- Martin Stephenson Vexillia: Wargames Miniatures & Accessories vexillia.ltd.uk vexilliagallery.blogspot.com pikeandplunder.blogspot.com
Old Smokie	09 Nov 2009 1:43 p.m. PST
@ vexillia as of 2nd July 2007 Paypal Inc. has been granted a banking license under the European Union. Paypal in europe is licensed as a bank and as such Paypal must operate and comply with European banking standards. The fact that Paypal moved its HQ out of the Uk does not mean thay are no longer subject to FSA authority. Paypal is subject to FSA authority. Paypal(Europe)Ltd is authorised and regulated by the FSA in the UK as an electronic money institution. Paypal FSA registration Number 226056. All the above info was obtained from the FSA.
doublesix66	10 Nov 2009 3:16 a.m. PST
This banking regulation is probably even stronger under the newly signed Lisbon treaty, good luck with your problem.
Chortle	10 Nov 2009 3:36 a.m. PST
Paypal are real bleepers. I had US dollars stuck in paypal for a couple of years. I wouldn't pay their 2.5% currency exchange charge, as it becomes silly on larger amounts of money. I had to fight them to get them to allow me to transfer cash out to my US bank account. I complained to the European Commission that they were abusing their position by hindering transfers to rivals (banks who would exchange currency more cheaply) but the decision I got back was that there were alternative services so hard cheese. Good luck mate!

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