Banks challenge new PPI rules

[pompeyfaith]

Re: Banks challenge new PPI rules

Turboman,

The FOS have stated that will not be the case and claims will continue whether that is the same outlook the banks have im not sure but claims with the FOS will continue.

I guess this is because this is only a judicial review on the FSA's Latest set of rulings unlike the bank charges which was a court case on fairness.

Two totally different sets of law.

PF

[Turboman]

Re: Banks challenge new PPI rules

indeed. be interesting to see what happens.

best get a chivvy on with those calculations turbs/bill/marshy/pompey/nellie lol

Whats the implications of all this---is going to be like Stayed bank charges until the courts decide id old cases can be assessed for PPI mis selling ??

[di30]

Re: Banks challenge new PPI rules

Did also post on another thread too lol.....


http://www.fsa.gov.uk/Pages/consumer...es/index.shtml


PPI changes challenged: Can you still complain?





If you have insurance to cover your loan or debt repayments in the event of accident, sickness, reduced income or loss of employment, you can still complain about how the policy was sold to you or the response you received after making a claim. Find out how.

If you have taken out a loan, mortgage or credit card, you may have been sold payment protection insurance (PPI) to cover the repayments if you are unable to meet them in certain circumstances.
These policies can also be called loan protection, credit protection, or accident, sickness and unemployment insurance.
It may have been suggested to you that you needed PPI to be approved for a loan or credit, or even had a policy added to the amount of your loan without your knowledge, increasing the balance you have to repay.
Consumer protection challenged

We took over the regulation of insurance sales in 2005, and since then have found evidence of widespread problems with the sale of PPI and how complaints are handled.
To ensure customers are treated more fairly when complaining about the sale of a PPI policy or after making a claim, we announced a package of measures for firms to follow by 1 December 2010.
These measures include:

• ensuring firms handle complaints properly and offer redress where appropriate;
• explaining when and why firms should review past complaints to identify if there are serious flaws in sales practices that may have affected customers who bought PPI; and
• setting out common sales failings to help firms identify bad practice.

What’s happened now

The banking industry, through trade association the British Bankers' Association (BBA), started legal proceedings on 8 October 2010 to challenge our ability to insist on these measures.
We intend to contest this challenge as we consider the measures to be a fair solution for consumers and the industry.
What to do if you have a complaint

Despite the challenge by the BBA, you still have the right to complain about your PPI policy.
If you have a complaint about the circumstances of the sale of your PPI policy or the suitability of the product for you, you should first complain to the firm that sold it to you.
If your complaint is about a claim you have made, you should raise the matter with the insurance firm.
You are more likely to get a prompt response if you follow the firm’s complaints procedure – you can check online or call to confirm how they prefer you to proceed.
The firm then has eight weeks to look into your complaint and provide a response.

If you are not happy with how the firm has dealt with your complaint you can take it to the Financial Ombudsman Service as soon as possible and within six months of receiving a response. The ombudsman service is a free, independent service for settling disputes between financial services firms and their customers.
The ombudsman service has a template to register a complaint about PPI which you can send to the firm that sold you the policy.
Find out more about what to do if you have a dispute or complaint.
Fairness failings

We have taken action against 24 firms for failings in PPI sales since 2005, with fines totalling nearly £13m. We also stopped the sale of single premium PPI with unsecured personal loans so consumers won’t pay upfront for several years of protection.
The quality of complaints handling is another area of PPI we have focused on.
In the past five years there have been over a million complaints made about PPI. Firms on average reject around half the PPI complaints they receive, but some reject nearly all the complaints, according to figures we received from 18 major sellers of PPI.
Nearly one-third of rejected complainants go to the ombudsman service, where more than 80% are overturned in the consumer’s favour.

[di30]

Re: Banks challenge new PPI rules

Interesting, will look out for this tomorrow then, cheers.

[EXC]

Re: Banks challenge new PPI rules

Should hear a bit more about it on Money Box tomorrow BBC News - Banks want review of PPI rules

[pompeyfaith]

Re: Banks challenge new PPI rules

http://blogs.news.sky.com/kleinman/P...mmentContainer

[Brian]

Re: Banks challenge new PPI rules

lets see how this goes....

if it goes the banks way.......
there will be silent justice

ive had my pound of flash out of them already with superglue in locks

[di30]

Re: Banks challenge new PPI rules

an article from the FOS website......

http://www.financial-ombudsman.org.uk/news/index.html

latest news

legal action on payment protection insurance (PPI)


8 October 2010
the ombudsman will continue as normal to handle consumers' complaints about payment protection insurance – despite the legal action ("judicial review") launched today by the British Bankers Association (BBA) against the FSA and the Financial Ombudsman Service on the approach to PPI complaints handling

news updates for 2010

[di30]

Re: Banks challenge new PPI rules

Banks only have themselves to blame, if they didn't mis sold ppi in the first place then maybe there would be none of this agro, the muppets!

[EXC]

Re: Banks challenge new PPI rules

I might pop along to watch this.

This is a summary of how the Judicial Review process works Judicial review process | Richard Buxton Solicitors

[pompeyfaith]

Re: Banks challenge new PPI rules

ame i have raised this question on my thread

[EXC]

Re: Banks challenge new PPI rules

BBA statement on PPI

The BBA said in a statement:

"The British Bankers' Association regrets that today it has had to file papers with the high court asking for some decisions made by the Financial Services Authority and the Financial Ombudsman Service to be judicially reviewed. This relates to the proposed new rules that are due to be implemented at the end of this year on handling payment protection insurance complaints.

"It has unfortunately been necessary to do this because there is insufficient legal clarity about what the FSA and FOS is proposing in this area. Everyone's actions must be assessed on the basis of a proper understanding of the relevant law and regulation and this procedure will bring this about.

"We will continue to explore all opportunities for dialogue with the FSA to resolve the industry’s concerns. No one wants to go to court but the law needs to be clear. We hope to get this resolved as quickly as possible.”

[Brian]

Re: Banks challenge new PPI rules

We have a new government in the driving seat now and I have a feeling that there is going to some influence on this from up high...

[Amethyst]

Re: Banks challenge new PPI rules

indeed. be interesting to see what happens.

best get a chivvy on with those calculations turbs/bill/marshy/pompey/nellie lol

[NLP]

Re: Banks challange new PPI rules

but will the banks listen?

NO