Withdrawal security reviews - reporting paypal to FSA
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If you are experiencing security reviews on all of your withdrawals, delaying your transfer of funds by 24 hours then I would like to suggest that you report this to the FSA.
The key issue to point out to the FSA is that Paypal appear to be using a loophole to avoid compliance with the European Commision's Payment Services Directive which, as of 1st January 2012, obliges paypal to allow their customers to transfer funds using the faster payments system. Either paypal are using the loophole of a security review to delay payments because they don't want to make payments that fast or their system isn't up to the job. Either way it's not right that they are using this loophole to delay every withdrawal and it's very unlikely that they are actually carrying out any sort of enquiry on each of these withdrawal requests. This needs to be investigated by their regulator. At the very least they should be made to be honest to their customers about the delays.
i have reported them to the FSA but in order for them to launch a general inquiry into Paypal's compliance they would need to have complaints from a large number of customers. If they are logging alot of complaints about the same issue that would then spark a more general enquiry Into paypal's conduct.
The FSA consumer helpline number is 0845 6061234
As I said they won't be able to help with your individual case but will log your complaint and hopefully if enough people complain they will then launch an investigation.
i really wouldn't waste any more energy complaining to paypal, it's getting us nowhere.
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I will most certainly join you in logging a complaint as I am experiencing the same issues . Completely ridiculous !
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Others have already emailed watchdog at bbc dot co dot uk about this so a few more people would not go amiss.
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Make your problems and issues known to as many bodies as you can. Despite a statement on R4 Money Box on Saturday they are still holding money for 'security reviews' although they seem to have trimmed the time to 4 hours in many instances. The 'reviews' are a complete sham - have some fun by withdrawing a number of ONE PENNY amounts - serious dosh eh, must be 'reviewed'! Proves a point I think!
I have sent some comments to Money Box following Saturdays broadcast (you can hear this on Iplayer, also tells you how to contact them on the issue). Another champion of the cause is a site called Tamebay.com - very helpful, try them.
And there is always Facebook...... tell all you friends and ask them to share your/their wonderful experiences with Paypal....

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