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

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Exc,

Yes I can see your valid point, but we all know that not everything is squeaky clean in the corridors of court and the BBA is only acting for the financial industry.

The Judges are well aware that any outcome good or bad will have a dramatic affect on the consumers so yes I still believe that this will not go unnoticed in the court room if it gets that far of course.

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

Yes I think the Judges are going to want to know why they the biggest seller pulled out and if they do appeal the others will have to answer that in the appeal papers.
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I can't see that the withdrawal of Lloyds support will have any influence on the court. Lloyds are not a party to the case and even if they were any appeal will be judged on it's legal merits alone.

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Well which ever way you look at it the cards are heavily stacked against a successful appeal and on that basis alone I'm still of the belief any appeal will fail.

Lloyds pulling out really has put a great big spanner in the works.

Rock on tommy!!!!!!!!!!!!!!!

[leclerc]

Re: Latest updates on PPI Judicial Review and claims on hold

Mr. Hester said:
"...the appeal was not about whether customers should be compensated because 'we think that should happen' but about setting a legal precedent about the retrospective nature of compensation payments.[End Quote]

AC, was the quote yesterday?
To be honest, the quote seems to indicate that they will appeal. (I know some people might not read the last post on a page but it is quite an interesting quote).

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Mr Hester emphasised that RBS had stopped selling PPI as soon as he arrived in 2008. All legitimate claims would be met, he added, regardless of the legal challenge decision.

Does that not point that there was something wrong with the product, hell come on me hester play fair if the product was a goodun you would not have stopped selling it and it would not have been banned after years of investigation by the CC.
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Surely if the rest do appeal the courts will also consider the fact that Lloyds have dropped the JR so publicly and this will influence any decision made?

Yes I think the Judges are going to want to know why they the biggest seller pulled out and if they do appeal the others will have to answer that in the appeal papers.

[ncf355]

Re: Latest updates on PPI Judicial Review and claims on hold

Surely if the rest do appeal the courts will also consider the fact that Lloyds have dropped the JR so publicly and this will influence any decision made?

[Bill-K]

Re: Latest updates on PPI Judicial Review and claims on hold

From today's Times:

Stephen Hester, the chief executive of Royal Bank of Scotland, stoked speculation that he had little appetite to fight further when he described the saga as “not the industry’s finest hour”.

Indeedy - "The Longest Day" seems more like it !!!

[Bill-K]

Re: Latest updates on PPI Judicial Review and claims on hold

Madame Knight, has remained curiously silent, until now...?

Sorry - couldn't help it...

Angie, angie, when will those clouds all disappear?
Angie, angie, where will it lead us from here?
With no loving in our souls and no money in our coats
You cant say were satisfied
But angie, angie, you cant say we never tried
Angie, youre beautiful, but aint it time we said good-bye?

http://www.youtube.com/watch?v=uVTGx...eature=related

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

From today's Times:




Banks prepared to throw in the towel on £8bn refund fight

The banking industry looked split last night on whether to carry on fighting the £8 billion battle over liability for the mis-selling of payment protection insurance.

Stephen Hester, the chief executive of Royal Bank of Scotland, stoked speculation that he had little appetite to fight further when he described the saga as “not the industry’s finest hour”.

RBS and Barclays are thought to be cooling on continuing the fight after Lloyds stunned them on Thursday by breaking ranks, abandoning the challenge and earmarking £3.2 billion to pay victims. HSBC is more hawkish, according to one banker, and plans to deliberate over the weekend, although it has privately decided that it will not fight on alone.

Banks under the auspices of the British Bankers Association have until Tuesday to decide whether to launch an appeal against a judicial review that approved a crackdown by the Financial Services Authority.

If they abandon their fight, it would speed up and enlarge compensation payments to millions of people and land the industry with a bill estimated at £8 billion.

Millions were mis-sold PPI, which pays out when a borrower’s income drops through redundancy or ill-health. Many borrowers were not told that they were paying for PPI or were sold it when they were disqualified in the fine print from ever claiming.

The move by Lloyds, which was the biggest supplier of PPI, has made it harder for the other banks to press on with an appeal. Lloyds is understood to have told the BBA of its decision only the night before communicating it publicly via the Stock Exchange.

One senior banker said last night: “It’s an incredibly difficult call. We have serious issues with the retrospective nature of the judgment. But the judicial review was pretty definitive. We would have to have very good reasons to appeal.”

HSBC is said to be furious that the judgment applies rules that were not in force at the time the PPI was sold. The bank is also concerned more generally about adverse regulation in Britain.

Mr Hester said that it was too early to put a figure on the cost of PPI recompense but said RBS’s market share had been about one third that of Lloyds. On that basis, it might be faced with a bill of just over £1 billion.

Mr Hester emphasised that RBS had stopped selling PPI as soon as he arrived in 2008. All legitimate claims would be met, he added, regardless of the legal challenge decision.

The BBA, which is chaired by the Barclays chairman Marcus Agius, said that no decision had been taken on whether to appeal. “We’ve got until the tenth to make a decision and we think it will take that long,” a spokesman said.

[Angry Cat]

Re: Latest updates on PPI Judicial Review and claims on hold

http://www.guardian.co.uk/business/2...nsurance-banks

http://www.guardian.co.uk/business/2...-rowdy-meeting

Old news of course but relevant...

[Angry Cat]

Re: Latest updates on PPI Judicial Review and claims on hold

Britain's big banks will today take a significant step toward deciding whether to appeal against a ruling that they missold billions of pounds of insurance policies, I have learned.
The British Bankers' Association (BBA) has convened a conference call for later this afternoon on which its biggest members "will debate the next steps", according to somebody familiar with the plan. The call was requested yesterday by Angela Knight, BBA chief executive, I'm told.
A decision about whether to pursue an appeal against a recent High Court judgement on payment protection insurance (PPI) has to be made by next Tuesday.
Participants on the call are expected to include executives from Barclays, HSBC and Royal Bank of Scotland (RBS), the taxpayer-backed bank which this morning said it was too early to quantify the level of its potential exposure to the scandal.
It isn't clear whether today's call will provide a definitive decision about whether to appeal. As I revealed yesterday, Barclays is inclined to follow the example of Lloyds Banking Group by opting not to participate in any appeal, whereas HSBC is determined to press ahead on the basis that not appealing against the retrospective application of legislation may set a dangerous and costly precedent for the industry.
The costly part is certainly true, given that analysts now believe the PPI scandal could cost the industry £8bn rather than the £4.5bn originally forecast.
The BBA and the banks declined to comment.

Madame Knight, has remained curiously silent, until now...?

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

http://www.dailymail.co.uk/money/art...=feeds-newsxml

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

The problem we have is we are a lazy nation (general term) and for whatever reason would rather pass the buck to someone else to sort out.

Consumers think it is a hard task to complete and feel there time is better spent doing other things like working, socializing etc.

And hence feel the fees charged are just, it is not until a problem develops that they turn to us for help.

There will always be CMC's and there will be consumers that use them all we can do is educate as many as possible as to why CMC's are not the preferred choice.

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

LOL :tinysmile_aha_t: oh yeah I did didn't I? lmao

[morpheus]

Re: Latest updates on PPI Judicial Review and claims on hold

Oh I agree with you wholeheartedly. There is no reason to use the companies. I only asked the question because I read somewhere (can't remember) the banks were receiving 80% of their cases from cmc's. My first impression was this can't be true. There is no way only 1 in 5 claims are made directly to the banks. It so easy to do. why give away your hard earned money. It's bonkers if the 80% remark is true.