Every Paypal 'customer' should have received a email stating that they have changed their user agreement, but more worrying is the fact that they will NO LONGER BE REGULATED BY THE FSA (Finacial Services Authority)
This is very worrying to say the least the FSA regulates all the banks in the UK and most other e-money companies. The fact that they have moved to a Luxembourg based company is a little worrying as they are clearly trying to side-step certain regulations...
Here is a copy of the email:
"Dear XXXXX XXXXXXX,
We would like to announce important developments affecting all PayPal accounts in the European Union (the "EU").
No action is required on your part, and you will be able to continue using PayPal with no changes.
Currently, PayPal (Europe) Ltd. is the service provider for PayPal in the EU. PayPal (Europe) Ltd. is a UK company regulated and authorised by the Financial Services Authority (FSA) in the UK as an electronic money institution. This authorisation enables PayPal to provide its service throughout the EU.
From 2 July 2007, a new PayPal company, PayPal (Europe) S.à r.l. & Cie, S.C.A.
(PayPal Luxembourg), will become the service provider for PayPal in the EU. This is a Luxembourg entity regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA. PayPal Luxembourg will provide the PayPal service throughout the EU.
Your customer relationship with PayPalOn 2 July 2007, your customer relationship will be automatically transferred from PayPal (Europe) Ltd. to PayPal Luxembourg. This includes your customer relationship as governed by the terms of the PayPal User Agreement and, for applicable UK merchants, the PayPal Website Payments Pro Agreement (collectively, the "Agreements").
To summarise, from 2nd July 2007, PayPal (Europe) Ltd. will assign to PayPal Luxembourg all of its right, title, interest, and benefit in and to the Agreements.
New User Agreement and Privacy PolicyWe are also pleased to announce that from 2 July 2007, PayPal Luxembourg will issue a new form of the PayPal User Agreement and Privacy Policy. This new version of the User Agreement will be presented in a much more user-friendly manner, and many of the policies currently accessed by hyperlinks, will now form part of the main text of the User Agreement.
Also, the Privacy Policy will reflect that PayPal Luxembourg will be the data controller of your personal information from 2 July 2007 and set out further details of the third parties to whom PayPal Luxembourg will disclose your personal and account information.
For more information about the transition to PayPal (Europe) S.à r.l. & Cie, S.C.A. click here.
If you do not wish to continue your relationship with PayPal, you may close your account at any time by logging in to your account, clicking Profile, and following the instructions from the "Close Account" link. You should make sure you first withdraw the outstanding PayPal balance to your bank account.
Yours sincerely,
PayPal (Europe) Ltd."
Yet more reasons not to accept Paypal!!
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Monday 4 June 2007
PAYPAL CHANGE USER AGREEMENT
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2 comments:
Paypal has moved to Luxemburg - so look out UK consumers!!
Paypal moving from its Richmond Surrey headquarters to Luxembourg and severing all its UK ties is a litigation-avoiding scam. The move means its UK customers can no longer serve proceedings on them when Paypal steal money from their accounts.
How do I know? Because Paypal recently stole several hundred pounds from my account, and when I contacted them to issue proceedings, they informed me that they no longer have any UK address to serve proceedings at, or a UK firm of solicitors authorised to accept proceedings. Instead, they told me, I should get in touch with their Luxembourg office.
A brilliant scam shielding Paypal from legal action from all of their UK victims!
So be warned. If you live in the UK and Paypal steal money from your account too, you will have no legal redress whatsoever.
I feel for you Blondmark, Paypal recently changed my negative balance to euros which is obvioulsy something to do with the 'Lets move to Luxembourg & side step British law' issue I thankfully now use Google Checkout which has proved excellent so far. Paypal need to pull their finger out before someone pulls the plug on these scandalous cretins. Good luck to you, you will need it, they have done all they can to shy away from the many unhappy customers they have. If they were a high street bank there would have been public outrage years ago.
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