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

[Bill-K]

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

It's a catch 22 really isn't it?
Sure seems to be, Yossarian.
It's no different to how it works in other regulated industries. The reality is that the likes of you & me pay for it through fees & interest.
But...do we have to accept that ? We have a bailiff industry that seems to thrive on pure 'incentive' income. Why is THAT sauce not also applicable to THIS Goose ?
The only other option is for it to be funded directly by the tax payer which would be unfair on those who don't use financial services much.
As implied above - is there NO other option ?

....

[EXC]

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

It's a catch 22 really isn't it?

It's no different to how it works in other regulated industries. The reality is that the likes of you & me pay for it through fees & interest.

The only other option is for it to be funded directly by the tax payer which would be unfair on those who don't use financial services much.

[Bill-K]

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

They are funded exclusively by fees levied on the firms they regulate and through the fines they impose.

The problem here is that the mis-conduct of some firms results in a subsidy of others.

Indeedy. Their very paymasters are their prey. A conflict of interests, surely ?
We've had this argument before, though, haven't we ? I just don't recall the outcome

[EXC]

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

Remind me, though, before I gets meself slung orf the bus. Who funds the FSA ? Us, or them ?

They are funded exclusively by fees levied on the firms they regulate and through the fines they impose.

How we are funded

Facts and figures

''When financial penalties are imposed on firms or individuals, the proceeds are used to reduce fees in the following financial year. ''

The problem here is that the mis-conduct of some firms results in a subsidy of others.

[Bill-K]

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

LOL - I think I got it that time, EXC - thanx !!! Back to class - and I'll watch the video at lunchtime, then !!! Cheers for that link.

I guess it's been so long since we had UOC stuff to the fore, I have lost track of who's running the show.

Your tolerance, patience and politeness - considering we're on the top deck of the No. 11 on a January Sunday - are very much appreciated.

Remind me, though, before I gets meself slung orf the bus. Who funds the FSA ? Us, or them ?

[EXC]

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

The thing is that the FSA don't regulate UOC's so they've never been in a position to express a view on them - in fact Lord Turner explained this when he made his comments on them to the committee.

Watch the video from about 12.00 Player


So I think it's significant that the first time that the FSA has said anything about them, they believe that the FCA should do something about them.

[Bill-K]

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

It's me just doing my 'Clapham Omnibus' guy. But this just reads to me like the FSA Chairman saying, "Hey guys !!! That's a whizzo wheeze. It worked last time, so let's do it again - it was SUCH fun !!!"

Basically, the FSA are pledging to do what they have always been expected to do - "investigate the level of unauthorised overdraft charges on the basis of fairness."

It seems that they are admitting that this didn't happen first time around, and they are now presenting the very same piece of forged currency in a completely 'staged' sample purchase.

[EXC]

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

I reckon the FSA Chairman has put the kibosh on it, now, though...

How do you mean Bill?

[Bill-K]

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

The Chairman of the FSA has already told a Parliamentary select committee that if it does it will investigate the level of unauthorised overdraft charges on the basis of fairness.

Thanks for the synopsis, EXC. I reckon the FSA Chairman has put the kibosh on it, now, though...

[EXC]

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

I quite believe it exc, here guys is a petition from which magazine re the powers of the new regulator don't know if any of you want to add your voices to this.



New financial watchdog – we don't want a lapdog | Which? Conversation

The Financial Conduct Authority (FCA) is to be the consumer protection off-shoot of the FSA when it is split up. It's powers and responsibilities are being debated by Parliament at the moment.

It has already been decided that it will have the powers to ban products without having to refer them to the Competition Commission - as was the case with single premium PPI.

Not decided yet is the extent of it's competition remit and whether it will have the authority to regulate prices. The Chairman of the FSA has already told a Parliamentary select committee that if it does it will investigate the level of unauthorised overdraft charges on the basis of fairness.

It also looks likely that the FCA will take over the licensing and regulation of consumer credit, currently the responsibility of the OFT.

[Bill-K]

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

Blimey - so it is, mon ami !!! Pass the binoculars - I don't want to miss a thing !!!

[leclerc]

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

Makes me wonder just how big the WHOLE iceberg actually is !!!

Strangely saying that it's the 100th anniversary of the Titanic this year(not that I am comparing of course)

[Bill-K]

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

...What's even more staggering is that in the last year alone banks and other financial institutions received 1 million PPI complaints.

Makes me wonder just how big the WHOLE iceberg actually is !!!

[cappo]

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

The FOS has passed the 300,000 mark for complaints received about PPI and expects 165,000 next year.

What's even more staggering is that in the last year alone banks and other financial institutions received 1 million PPI complaints.

http://www.financial-ombudsman.org.u...news/99/99.pdf

I quite believe it exc, here guys is a petition from which magazine re the powers of the new regulator don't know if any of you want to add your voices to this.



New financial watchdog – we don't want a lapdog | Which? Conversation

[EXC]

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

The FOS has passed the 300,000 mark for complaints received about PPI and expects 165,000 next year.

What's even more staggering is that in the last year alone banks and other financial institutions received 1 million PPI complaints.

http://www.financial-ombudsman.org.u...news/99/99.pdf