Steve Lewis wrote:
I remember reading somewhere that all of those unspent funds in
Oyster accounts has to be listed in TfL's accounts as a liability.
With hindsight, from the start of Oyster the Ts & Cs should have
included a provision for unclaimed balances to eventually expire.

I don't see a problem with the current regime. The balance on PAYG
Oysters is shown in the accounts as part of short term creditors - along
with the balance of travelcards and bus passes which are in the nature
of payments in advance. The total for all those was £m357 in 2014.
AFAICS that does no harm to TfL because it has of course had the money
which goes into the pot of reserves of over £m4,000. So I am willing to
trust to TfL's business (and political) judgment that it better to carry
unspent balances on PAYG Oysters rather than incur the many costs of
dealing with greater numbers of requests for refunds; and the costs of
dealing with complaints (eg "your outrageous system did not just grab my
£9 without warning but also stranded great aunt Agatha in her wheelchair
at midnight - and her without a spare colostomy bag") - plus the
reputational damage.

10 or 20 years from now I can see a case for a review but for now I'd
let sleeping cards slumber on in peace.


--
Robin
reply to address is (meant to be) valid