Submitted on Tuesday 26th December 2017
Rejected on Monday 22nd January 2018
Current status: Rejected
Rejection code: no-action (see below for details)
Legislate/enforce regulations on Paypal to prevent damage to small UK businesses
Paypal currently are not regulated as a financial service like a bank and so UK regulation does not apply to them. As a result they can take drastic action against small business and cause financial ruin or the loss of the business. The Ombudsman can not help as PayPal are not financial institution
Paypal currently have a hold on my own finances which is around £3500 for the last 6 months with no access to it. Paypal have no obligation to tell the seller why their money is on hold, they tell you to contact the Financial Ombudsman knowing full well that the ombudsman will not/can not help in any way because they are not classed as a financial institution. This leaves nowhere for small businesses to go.
All small businesses are at risk because PayPal have no one to hold them to account for their actions and this needs to stop as it is stifling small businesses. They hide in Luxembourg and tell you to take them to court over there as they are not UK based despite having main offices here in the UK, clearly not something a small business can afford to do. This simply has to stop.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
The UK Government and Parliament can't impose regulations on a single named company.
You could start a new petition calling for a change to financial services regulations, calling for the changes you want to see to apply to all companies that process payments for consumers and small businesses.
18.118.162.193 Sat, 21 Dec 2024 16:08:12 +0000
