Banks challenge new PPI rules

[Judge mental]

The British bBankers Association have filed papers in the High Court on behalh of the major Banks seeking a judicial review of proposed changes to the handeling of PPI insurance complaints . . .

http://blogs.news.sky.com/kleinman/P...f-15e15697c266

[Amethyst]

Re: Banks challange new PPI rules

ooo they actually filed now then. Should be fun.

Banks considering judicial review of FSA over PPI - Legal Beagles Consumer Forum

[NLP]

Re: Banks challange new PPI rules

how so?

means all ppi cases on hold for the next ... err lose... appeal... lose.. appeal... get fixed supreme court decision.

[Tools]

Re: Banks challange new PPI rules

FSA to contest the BBA's judicial review of new PPI complaints handling measures




FSA/PN/153/2010
8 October 2010
The Financial Services Authority (FSA) will contest the British Bankers’ Association’s (BBA) judicial review of new payment protection insurance (PPI) complaints handling measures.
In the interests of consumers, firms will be expected to continue handling complaints while this process is ongoing. If consumers are unhappy with how their complaint has been handled they may refer it to the Financial Ombudsman Service (Ombudsman).
In the last five years there have been more than a million complaints made to firms about PPI. In 2009/2010 alone, customers referred 49,196 complaints to the Ombudsman which then upheld nine out of ten in the complainant’s favour.
Since the FSA took on regulation of PPI in 2005 it has taken enforcement action against 24 firms for sales failings. The FSA has carried out three thematic reviews, issued warnings, halted the selling of single premium PPI with unsecured personal loans and visited over 200 firms in order to improve the market.
The FSA strongly believes that the package of new complaint handling measures outlined in policy statement 10/12 is a sensible and fair solution for consumers and the industry alike.
And that is why the FSA will vigorously contest the BBA’s judicial review of the new complaint handling procedures for the PPI market.
Notes to editors

1. Policy Statement 10/12.
2. The FSA regulates the financial services industry and has five objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.

[NLP]

Re: Banks challange new PPI rules

but will the banks listen?

NO

[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

[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...

[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.”

[pompeyfaith]

Re: Banks challenge new PPI rules

ame i have raised this question on my thread

[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

[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!

[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

[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

[pompeyfaith]

Re: Banks challenge new PPI rules

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

[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