Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

[cappo]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

This is actually news - 12 May.


http://www.moneymarketing.co.uk/regu...030903.article

New FSA crackdown on complaints.


The FSA will force firms to report all complaints involving claims for over £5,000, even when they are disputed and not upheld by the Financial Ombudsman Service.
The FSA’s consultation on data collection, published this week, says firms will be required to break down their complaints record according to advisers’ individual reference numbers.

Head of investment policy Peter Smith says this would include complaints that have been dismissed by the firm and the FOS.
He says: “We are interested in resolved or dismissed complaints because it shows the pattern of firms’ and individual advisers’ interactions with customers. Complaints data is no more than an indicator of potential issues but if an adviser is getting complaints all the time, regardless of whether they are dismissed or not, it raises the question of why that is the case.”
Smith concedes that within the FSA there has been debate about the level of disclosure needed for complaints.

Under the FSA’s proposals, firms will also be required to provide a breakdown of the adviser charging models they use as part of their retail mediation activities return.
This would include whether the firm is providing independent or restricted advice, initial or ongoing advice and whether payment is collected directly from clients, via product prov-iders or via platforms.
Firms would also have to provide details on minimum and maximum charges, whether adviser charging is on an hourly or percentage of investment basis and client numbers.
The FSA estimates that the proposals will cost the industry £6.7m in one-off costs and £2.9m in annual ongoing costs. The consultation closes on July 8.

Paladin Financial Services managing director Tim Purdon says: “On adviser charging, I question whether the FSA’s proposals would end up interrupting the free market. It is up to advisers and clients to agree charges, it is not for the regulator to intervene.”

none of them will like that!

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

This is actually news - 12 May.


http://www.moneymarketing.co.uk/regu...030903.article

New FSA crackdown on complaints.


The FSA will force firms to report all complaints involving claims for over £5,000, even when they are disputed and not upheld by the Financial Ombudsman Service.
The FSA’s consultation on data collection, published this week, says firms will be required to break down their complaints record according to advisers’ individual reference numbers.

Head of investment policy Peter Smith says this would include complaints that have been dismissed by the firm and the FOS.
He says: “We are interested in resolved or dismissed complaints because it shows the pattern of firms’ and individual advisers’ interactions with customers. Complaints data is no more than an indicator of potential issues but if an adviser is getting complaints all the time, regardless of whether they are dismissed or not, it raises the question of why that is the case.”
Smith concedes that within the FSA there has been debate about the level of disclosure needed for complaints.

Under the FSA’s proposals, firms will also be required to provide a breakdown of the adviser charging models they use as part of their retail mediation activities return.
This would include whether the firm is providing independent or restricted advice, initial or ongoing advice and whether payment is collected directly from clients, via product prov-iders or via platforms.
Firms would also have to provide details on minimum and maximum charges, whether adviser charging is on an hourly or percentage of investment basis and client numbers.
The FSA estimates that the proposals will cost the industry £6.7m in one-off costs and £2.9m in annual ongoing costs. The consultation closes on July 8.

Paladin Financial Services managing director Tim Purdon says: “On adviser charging, I question whether the FSA’s proposals would end up interrupting the free market. It is up to advisers and clients to agree charges, it is not for the regulator to intervene.”

[EXC]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Lenders sought PPI rate cut


Banks that are having to repay billions of pounds of mis-sold loan insurance fought to convince regulators to slash the interest due on compensation claims before they launched a failed legal battle over the sale of the product.

A number of institutions raised objections to the annual interest rate of 8 per cent – the standard level for consumer redress that applies to payment protection insurance claims – according to a previously unreported section of a consultation paper released by the Financial Services Authority last year.

Some banks suggested the rate should fall to as low as 1.5 per cent, which they argued would better reflect the likely returns borrowers could have achieved by investing the money elsewhere. Their complaints – which were overruled by the FSA – were an attempt to soften the blow of what has become the biggest consumer pay-out in decades.

Last week the banks dropped their legal dispute over PPI – which covers loan repayments if the borrower falls ill or loses their job – after Lloyds Banking Group said it would start refunding customers.

The four biggest UK banks face more than £5bn ($8.1bn) of claims. Customers who were mis-sold PPI will be refunded their premiums, with interest from the date each premium was paid until the case is settled.

Financial advisers calculate the typical interest rate of 8 per cent on PPI claims could be as much as 20 times the equivalent rate available from an average cash account in recent years. In one example cited by Brunel Franklin, the claims management firm, a borrower received more than £1,000 interest on PPI payments of £6,500 paid out over four and a half years.

“Investors are unlikely to get that rate in another product over the past six years,” said Ben Heffer, an insurance analyst at Defaqto, the consultants.

However, advisers pointed out that the 8 per cent rate still did not match the level of interest many borrowers paid on loans.

In a paper published in March 2010 that outlined industry reaction to the proposed overhaul of PPI, the FSA said: “Some industry responses objected that the rate of 8 per cent simple interest that the proposed guidance applies to redress payable by firms to complainants is too high and should be reduced, being more than an investor could have obtained.”

It noted that the banks referred to a lower rate of 1 percentage point over the Bank of England base rate – a level recommended for court awards by the Law Commission in 2004. The regulator did not reveal which banks objected to the 8 per cent rate, although sources close to the process signalled the biggest providers, which include Lloyds, Barclays, Royal Bank of Scotland and HSBC, gave “strong feedback”. None of the biggest banks was willing to have their responses published by the FSA.

The ethically minded Co-operative Bank has set aside £90m to compensate customers who have been mis-sold payment protection insurance.

The amount is a small fraction of the £8bn that analysts estimate could be paid out by the banking industry as a whole – but is nevertheless an indication of how widespread the mis-selling of loan insurance was.

So far the four biggest sellers of PPI – Lloyds Banking Group, Barclays, Royal Bank of Scotland and HSBC – have made provisions totalling more than £5bn to refund customers who were sold loan insurance when they did not need it or did not know they were buying it.


FT.com / Companies / Banks - Lenders sought PPI rate cut

[pompeyfaith]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

18 May 2011 Last updated at 00:03

Ombudsman receives record financial complaints


The Financial Ombudsman Service (FOS) handled a record 206,000 formal complaints in the last financial year - a rise of 26% from 2009-10.
Just over half them, 51%, were about payment protection insurance (PPI).
The 105,000 PPI complaints were a record for any type of financial policy in a single year.
The FOS tries to deal with problems financial businesses fail to resolve themselves.
Its chief executive, Natalie Ceeney, said the service, which started 10 years ago, had had its busiest year to date.
"We have received more calls to our front-line consumer helpline than ever before," she said,
"And even though we have been able to resolve four out of five problems and enquiries at this early stage - by giving general advice and guidance to over 800,000 people on what to do next - we have still had more consumers come to us with formal unresolved disputes than in any previous year."



More at:



http://www.bbc.co.uk/news/business-13426127

[leclerc]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

This article not actually related to these issues on this thread as such but..........

http://www.thisismoney.co.uk/investi...ge_id=166&ct=5

Will you get a Lloyds & RBS shares windfall?

A think tank has proposed that every taxpayer should be handed a windfall of shares in Lloyds and RBS – but how would it work?




The Centre for Policy Studies (CPS) plan would see taxpayers receiving more than £1,000 worth of shares in both the bailed-out banks.
It is reported to have the backing of a number of senior Conservatives, including Matthew Hancock, who used to be George Osborne's chief of staff, and Lord Saatchi who is chairman of the think-tank. This is Money takes a look at how the CPS plan works and whether it is likely to ever happen.

With respect, why would we want shares that the government now want to give away, are they that worthless? I'm not sure I want any of those shares cos they come with added sales. Go into any branch of natwest/rbs and lloyds and pay a cheque in or some cash.......bet you that they try and sell something you just have to have........I'd prefer to drink my own urine to be honest.
Anyone else really want those useless shares?
------------------------------- merged -------------------------------

For anyone with an IVA, Bankrupt or in a DMP with PPI on those accounts this may interest you.

http://www.which.co.uk/news/2011/05/...i-cash-253572/

To quote the whole article cos I think it is very well made:


"As the banks admit defeat on Payment Protection Insurance (PPI) mis-selling claims, thousands of consumers could never see a penny of their refund.

If you're currently bankrupt or in an Individual Voluntary Arrangement (IVA), it's unlikely that you'll personally receive a full PPI refund in cash as at least some of the money will usually go automatically against your debts.

However, if there is an element of compensation paid alongside the PPI refund, you may be able to ask for that amount to be paid directly to you. In all cases, it's best to ask your lender how they intend to repay you. If they plan to offset the entire refund against your debt, ask them to justify their decision. If you can't reach agreement, you can, if necessary, take the matter to the Financial Ombudsman Service for a ruling.

If you're in an IVA
If the refund of PPI is from a bank or creditor to whom you still owe money, it's likely that they will offset the refund against the amount of debt outstanding with them. Any surplus may be returned to you but will be taken into account by the person administering your IVA, who will probably insist that the money is used to repay other creditors. It's still worth putting in a PPI claim though as the refund could reduce the damage to your credit score of being in an IVA.

What is an income payments agreement (IPA)?
If you are bankrupt and have more income than you need to pay for your reasonable day-to-day living expenses, the official receiver will ask you to make payments under an IPA. If you do not agree, the official receiver will apply to court for an IPO.
An IPO is a court order, so if you don't keep up the payments, your trustee can ask for money to be taken directly from your wages, or take other legal action to recover the unpaid amounts.
The Insolvency Service
If you've gone bankrupt
You have a duty to inform the Official Receiver (OR) of any lump sum received while you're bankrupt (including PPI refunds, bequests in someone's will and redundancy payments). The OR may decide to use this money to repay your creditors. This is particularly likely if you have an income payments agreement (IPA) or income payments order (IPO), and you may have to make extra payments even after you've been discharged from bankruptcy.

If you're in a debt management plan
If you receive a PPI refund, it's likely the lender will knock the refund off whatever you owe them. Any surplus will be returned to you.

As debts are not usually written off under a DMP, but rather are rescheduled, a PPI refund will help you in the long run by reducing any outstanding arrears and meaning you'll pay off your debt quicker. This could be of particular help to people with mortgages who are at risk of repossession.

It's not too late to put in a PPI claim
Which? debt expert Martyn Saville commented: 'Anyone who's currently in a debt solution such as an IVA should not bank on receiving a PPI refund in cash. However, it's still worth putting in a claim if you think you've been mis-sold. A PPI refund could get you out of debt quicker, reduce your arrears and help rebuild your credit record.

'Plus, it's far better that the PPI you've wrongly paid is knocked off the debt you owe, rather than lining the pockets of banks to whom you would otherwise still owe the money.

'Just don't use a claims management company or a commercial debt management company to put in your PPI mis-selling claim - you can do it yourself for free with our online PPI reclaim tool.'

Has mis-sold PPI has caused debt problems?
If you think that the money you've paid out for mis-sold PPI is to blame for your debt problems, write a formal complaint to your lender spelling out your circumstances and asking that they not only refund your mis-sold PPI, but also take into account any resultant expenses, inconvenience and stress.

Emma Bryn-Jones from debtors’ co-op, Zero-credit, commented: 'On the surface, it may seem entirely appropriate that PPI claims from debtors are used to repay debts. However, when a creditor who mis-sold PPI can simply offset the refund against a debt in which unnecessary PPI may have been a principal contributor to financial difficulties, these arrangements do not even begin to consider the creditors' duty of care for individual consumers.' "

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Cheers PF, how I missed your post prior to mine lol, sorry hon.:tinysmile_grin_t:

So any banks paying out ppi yet folks?

[pompeyfaith]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Di,

Post 3363 above lol but yes could be a good idea although the original selling price the government paid would have to be returned to them once you sell plus any profit you make on those shares will be subject to 18% CGT so a win win for the government however they should be seen as an investment and not a quick buck as no doubts eventually those shares will return to the high levels of pre-recession.

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

This article not actually related to these issues on this thread as such but..........

http://www.thisismoney.co.uk/investi...ge_id=166&ct=5

Will you get a Lloyds & RBS shares windfall?

A think tank has proposed that every taxpayer should be handed a windfall of shares in Lloyds and RBS – but how would it work?




The Centre for Policy Studies (CPS) plan would see taxpayers receiving more than £1,000 worth of shares in both the bailed-out banks.
It is reported to have the backing of a number of senior Conservatives, including Matthew Hancock, who used to be George Osborne's chief of staff, and Lord Saatchi who is chairman of the think-tank. This is Money takes a look at how the CPS plan works and whether it is likely to ever happen.

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Thanks for that PF.

On my claims a year or so ago, via Lloyds, on the one that was still ongoing that we fell into difficulties with at the time, they did actually award the redress to that account, and we then received the interest.

On the other few with Lloyds because they were on settled accounts, they awarded the full redress directly to us, even though I assumed they would still award these to the active one.....they never.
So in this case then if they are settled accounts, and you also have another ongoing account with them, they must treat these separately then?

So of course as you know, I have 2 more ongoing with them, and these are old settled accounts, I assume if successful we would receive the refund, and this will not be awarded on the one that is still ongoing?

[pompeyfaith]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

For anyone with an IVA, Bankrupt or in a DMP with PPI on those accounts this may interest you.

http://www.which.co.uk/news/2011/05/...i-cash-253572/

[dogtired]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Thanks PF not going to give up!
I also have a "welscum" one that it now in its THIRD year!
xx DT

[Garlok]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

The problem PF is that banks like Barclays are just in denial about complaints, disputes and the like.

They just keep on denying any dispute exists, they refuse to deal with appointed representatives like sols, CCCs, CAB hence the complaints figures are always massaged in their favour.

regards
Garlok

[pompeyfaith]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

if it had not been for this site I thinkI would have given up!

That is something we all must never do, as that is what they want rather than play into there hands challenge everything and keep at them as in the end they will roll over just to get rid of you.

Remember long running complaints do not look good on them and complaints data does now get made public.

[dogtired]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

It really isn't good enough, is it dogtired?

It's not your fault that their enquiries are taking longer than anticipated! It's not your fault they have built up a massive back log! It's not your fault that your frustrated! It's not your fault they used an unauthorised and unsanctioned hold against your complaint when they should of been processing it as normal!

Yet the banks still treat us like mere immortals!

The whole bloody PPI mess starts with the banks and I sure as hell hope it ends with the banks!

They sold/forced the worthless policies to thousands of people! They dismissed genuine complaints about it! They took their inferior arguement to the courts! They used an unsanctioned hold on our genuine complaints! They've been making us wait for months now through absolutely no fault of our own.

We the customers (and bank bailing tax payers) have done absolutely nothing wrong! We have sat in the sidelines waiting patiently for months

Where does the buck end? Really?

I really don't care if it has only been a week since the Judicial Review officially finished.

Getting a reply now saying "sorry for the delay, enquiries are taken longer than anticipated" really is salt in the ******* wound!

They've had bloody months! And if they had been processing complaints as they were supposed to they wouldn't be in the even bigger bloody mess than they are!

They really are a shower of ********!

Sorry my profanities!

Rant over!

My feeling exactly!
And the same for Bank of Scotland who are now with FOS who have an overload of complaints and still waitng, by this time these will be officially out of date, by a couple of months but due to the delays and confusions (getting one mixed up with the otherand speaking to me as if I had a screw loose) if it had not been for this site I thinkI would have given up!

xx dt

[igglepiggle]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Called Egg again today. They have finally decided to take my complaint off hold and investigate, but they couldn't give me any indication as to how long it will take.. I imagine the backlog is huge.