Banks challenge new PPI rules

[di30]

Re: Banks challenge new PPI rules

http://www.bba.org.uk/media/article/...atement-on-ppi

BBA brings judical review

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."

[Master Yoda]

Re: Banks challenge new PPI rules

Useless twats the bankers are.

[EXC]

Re: Banks challenge new PPI rules

Here we go. According to a post on CAG, Barclays have already told a claimant that ''all complaints relating to PPI are now on hold.''

PPI Claims on Hold as legal action taken against FSA

[leclerc]

Re: Banks challenge new PPI rules

Here we go. According to a post on CAG, Barclays have already told a claimant that ''all complaints relating to PPI are now on hold.''

PPI Claims on Hold as legal action taken against FSA

I think I'll ask someone at Barclays

[di30]

Re: Banks challenge new PPI rules

Reading on another site, it was said that Lloyds were going to be sending letters out to customers to confirm they will not be dealing with new complaints as from 7th Oct, although this was told verbally, no written concrete evidence as yet.

[Amethyst]

Re: Banks challenge new PPI rules

Worrying. Ears to the ground then

[leclerc]

Re: Banks challenge new PPI rules

Very worrying for vultures.....they may not be able to be fed and thereby some of them might starve

[di30]

Re: Banks challenge new PPI rules

Surely they should not be blocking this soon though?
It was only officially confirmed yesterday........wasn't it?
Well when it comes to the BBA!

Unfairness to customers yet again.

As stated before, I know there are some that will try it on, but there are also very genuine complaints out there!

[Amethyst]

Re: Banks challenge new PPI rules

Okay well there is no waiver so banks still are under an obligation to deal with complaints in line with the FSA Handbook.

[di30]

Re: Banks challenge new PPI rules

So be it!

They are all at it now it seems....shocking!

[Amethyst]

Re: Banks challenge new PPI rules

Guess the banks will be applying for waivers tho if they havent already. The FSA have said there won't be a general consent waiver so it will be up to the firms to apply. For now anyway. Keep an eye Published waivers


Yep more CMCs down the pan, every cloud....

[di30]

Re: Banks challenge new PPI rules

This does now make me think now, why some of us received additional ppi refunds last week with Lloyds, not too sure its related, but it does make you think!
------------------------------- merged -------------------------------
Yeah agreed Amethyst...........and every cloud LOL

[pompeyfaith]

Re: Banks challenge new PPI rules

How can they get a waiver when they are not disputing the PPI, only the latest set of FSA rules due for implementation on the 1st December.

So surely if a Judge overrules on those rules the rules that were in force before then will stand.

All this goes not and will not take away the fact many millions of consumers had a bad deal.

PF

[di30]

Re: Banks challenge new PPI rules

And in The Sun today......

http://www.thesun.co.uk/sol/homepage...pensation.html



Banks put block on £3bn


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BANKS were last night slammed for living "on another planet" - after blocking moves that could trigger £3billion of compensation for ripped-off customers.

The British Bankers Assocation began a legal action against a crackdown on the mis-selling of a payment protection insurance.
It means that millions of households will have to wait even longer for compensation in the biggest financial scandal of recent years.
PPI policies were sold to customers to protect them if they defaulted on a loan, mortgage or credit card when they were made redundant or fell sick.
But hundreds of thousands of punters were sold them when a claim was virtually impossible. Others did not even know they had "bought" the policies. The FSA this summer laid out plans for new legislation to "mend a market that has been broken for too long".
It called for far tougher rules in the ways banks handled complaints about PPI.
And it ordered banks to go back through previous complaints - opening the door to a huge compensation bill.
The British Bankers Association last night said it had to seek a judicial review as the FSA was effectively changing rules retrospectively.
WHICH? chief executive Peter Vicary-Smith said: "It makes you wonder what planet the banks are living on.
"Not content with the billions they made from this flawed and frequently mis-sold product, they seem to be trying to wriggle out of implementing changes that would ensure consumers are treated fairly."
A third of all complaints to the Financial Ombudsman relate to PPI - 90 per cent are upheld in the customers' favour.
Were you a victim?

THE problems with PPI were often not the product - but the way it was sold to customers.
If you were unemployed but were sold PPI with unemployment cover then it was pointless.
Most policies also exclude existing medical conditions - but you should have been asked about these at the sale.
The chances of a successful compensation claim may be lower if you've been aware of the mis-selling for some time or the policy is very old.
Call the Financial Ombudsman Service on 0800 0234567.



Read more: http://www.thesun.co.uk/sol/homepage...#ixzz11swMXWx7

[Amethyst]

Re: Banks challenge new PPI rules

Well I guess it'll be a waiver of DISP pending the Judicial Review on the new rules. Who knows. Typical of Banks to start telling people their claims are on hold before they actually are though....remind you of anything lol.


Just quote back at them the FSA statement

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)