UK bank customers are in line for a ‘£33BILLION windfall’ after a landmark court ruli

[Legal Beagles]

UK’s top four banks bracing themselves for huge hit following court ruling In the case, it was decided it was unfair if PPI customers were unaware how much commission their broker was earning If this is applied to all financial products, it could be problematic for banks UK lenders have already paid £30billion compensation over... Read more »
Read More -> UK bank customers are in line for a ‘£33BILLION windfall’ after a landmark court ruling exposed a new mis-selling scandal ‘bigger than PPI’


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[Amethyst]

Re: UK bank customers are in line for a ‘£33BILLION windfall’ after a landmark court

Plevin is taking quite a long time to filter down.

Other stories on Plevin...

Banks face fresh wave of PPI compensation claims after landmark ruling

Posted May 27th, 2015 by Sharon
The City Watchdog could be forced to introduce new rules around PPI mis-selling complaints following a landmark court ruling.It could open the door to a landslide of fresh claims for compensation, even for those who have already been paid out for being flogged the often useless and expensive insurance.The latest wrinkle to the scandal –… Read more »





PPI ruling may trigger a landslide of fresh mis-selling claims – Business News – Business – London Evening Standard

Posted May 27th, 2015 by Julian Siddle
The City Watchdog could be forced to introduce new rules around PPI mis-selling complaints following a landmark court ruling. It could open the door to a landslide of fresh claims for compensation, even for those who have already been paid out for being flogged the often useless and expensive insurance. The latest wrinkle to the… Read more »







Plevin (Respondent) v Paragon Personal Finance Limited (Appellant) ( 12th November 2014 Supreme Court Appeal )

Posted November 12th, 2014 by Sharon
The Court of Appeal’s decision in Harrison v Black Horse Ltd [2012] Lloyd’s Rep IR 521 was wrong. The ICOB Rules are hard-edged, imposing a minimum standard of conduct applicable in a wide range of situations and providing for damages in the event of breach, whereas s 140A of the Consumer Credit Act 1974 introduces… Read more »

Read more at: http://legalbeagles.info/search/plevin/#ixzz3iPhoxwje

[judgemental24]

Re: UK bank customers are in line for a ‘£33BILLION windfall’ after a landmark court

Thinking out the box

Would this include commission payments brokers receive for being a middleman for normal loans,, not PPI as to undeclared commission, especially if that commission was wrapped up in the loan and not made available to the borrower??

I have been looking at

Wilson v. Hurstanger

[andrew1]

Re: UK bank customers are in line for a ‘£33BILLION windfall’ after a landmark court

Thinking out the box

Would this include commission payments brokers receive for being a middleman for normal loans,, not PPI as to undeclared commission, especially if that commission was wrapped up in the loan and not made available to the borrower??

I have been looking at

Wilson v. Hurstanger

Interesting point. On a Swift Advances 2nd charge loan I had in 2006 I paid the broker fee of £3,500 that was added to the loan and paid to the broker by Swift.(as they do).

I later had it confirmed, following numerous amounts of 'tosh' avoiding answering, in September 2013 that Swift too paid the broker a 'commission' which amounted to £3223.00 which was paid back by me also via their interest rate set on the loan at the time. This was NEVER discussed with me or admitted BEFORE the loan was taken out.

They qualified this charge by stating that it was mentioned in the 'FISA document supplied at the time' (which we never saw) and that " In many circumstances (not all of course, because Swift always has a back door to set themselves free from wrongdoing) the percentage will be linked to the interest rate applied to the loan".

I find that undisclosed payment Unfair because it reflected in the interest rates paid and had they been transparent about this one could have made a choice. s.140 sits comfortably with me on that.

Be interesting to hear whether that is the kind of claim one could make too.
A1