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

[Angry Cat]

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

with regards to NCF, how are the banks supposed to contact customers who have not claimed PPI and have then moved address?

LOL, the Banks appear to be able to contact customers who allegedly owe the Bank's money!

Leclerc, are you suggesting that the same Banks's would not know who they sold/mis-sold PPI to?

Asset investigation depts come to mind...

[di30]

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

Just 11 days from tomorrow folks for BBA/Banks to decide on an appeal.

Shame its had to go as far as this just to treat customers fairly!



http://www.out-law.com/page-10509

Payment protection insurance: complaints handling and redress


This guide is based on UK law. It was last updated on 27th April 2011.

New rules and guidance on handling and redressing customer complaints about payment protection insurance (PPI) came into force on 1st December 2010.
The finalised text, published by the Financial Services Authority (FSA) in a policy paper on 10th August 2010, now forms part of the dispute resolution sourcebook (DISP) in the FSA Handbook. The paper was the final stage in a consultation process that began in September 2009.
In October 2010, the British Bankers Association (BBA) (many of whose members sell PPI policies) issued an application for judicial review, claiming that the August 2010 policy statement was unlawful. It said the FSA was seeking to augment the specific rules that were in place at the time the sales were made.
The application was dismissed by the High Court on 20th April 2011 (see: Banks lose PPI complaints battle, OUT-LAW News 21/04/2011). It is not yet known whether the BBA will appeal.

Scope

The guidance applies to complaints about the sale of all types of PPI contract, whatever the basis on which it was sold and irrespective of whether the policy is still in force, was cancelled during the policy term or ran its full term (DISP App 3.1.1G).
For banks and insurers, the new regime covers complaints about PPI sales going back to 1st December 2001.
Brokers and intermediaries, however, have only been subject to FSA regulation since 14th January 2005. The FSA has confirmed that DISP applies to complaints against intermediaries about earlier sales if the intermediary was a member of the General Insurance Standards Council (GISC) at the time of the sale and the subject matter was covered by its rules.
Although the GISC code did not include many of the more detailed provisions now found in ICOBS, the FSA is satisfied that its general principles are sufficiently similar to those in the Handbook.
Sections in the final amended DISP text that have been given the status of "evidential provisions" will, however, only apply as guidance to complaints about pre-2005 sales (DISP App 3.10). Guidance is illustrative, but not binding, whereas compliance with an evidential provision will be taken as evidence that the firm has complied with FSA requirements.
For non-GISC sales (which would be outside the scope of DISP), complainants have to rely on common law principles, such as negligence or (where the broker was acting as agent of the insurer) the duty of utmost good faith or the general law on misrepresentation.


Limitation

Under DISP, a consumer must make a complaint to the Financial Ombudsman Service (FOS) within six years of the sale, or three years from when he knew (or ought reasonably to have known) he had cause for complaint, whichever is the longer.
Given all the publicity about PPI, many respondents to the consultations argued that the three-year time limit will have expired in most cases.
The FSA, however, takes the view that general media coverage, or even FSA comment, would not be enough to give rise to the sort of specific knowledge required by DISP.
Although some consumers may be deemed to have had sufficient awareness before January 2008 (so that their complaints would have been out of time by January 2011), the FSA says this is unlikely to apply generally. In any event, the final decision will rest with the FOS.


Handling complaints

The guidance defines complaints as complaints "which express dissatisfaction about the sale, including the rejection of claims on the grounds of ineligibility or exclusion (but not matters unrelated to the sale, such as delays in claims handling)", (DISP App 3.1.1.G).
The phrase "breach or failing" is used throughout to describe cases where the firm's conduct of the sale failed to comply with the rules or was otherwise in breach of a duty of care or any other requirement of the general law, taking into account any relevant materials published by the FSA, other regulators and the FOS (DISP App 3.1.2.G).
Where the firm decides there was a breach or failing, it should consider whether the complainant would have bought the PPI in the absence of that breach or failing. Two rebuttable presumptions apply: that the complainant would have not bought the PPI at all, or (in the case of single premium PPI) that he would have bought a regular premium policy instead (DISP 3.1.3G).
There may, however, be instances where the firm concludes that, despite its breaches and failings, the complainant would still have bought the same policy (DISP 3.1.4G).

This is quite long, for even more info - click on above link.

[leclerc]

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

with regards to NCF, how are the banks supposed to contact customers who have not claimed PPI and have then moved address? Surely the whole point of pro active contact is that it is sent to the last known address.
The current situation with regards to Welcome Finance is that all PPI customers are receiving letters with regards to PPI and I would assume to the last known address, are you expecting them to write to an address that they do not have and cannot be certain is the one that the claimant live in? Surely that is a ridiculous thing to suggest. Furthermore, not everyone will contact the bank in spite of the possibility of reclaiming PPI to get a refund of premiums.
What happens then? Should the bank proactively refund a customer directly to their account or the account that they might have had but may not have now?
I think that we are assuming a lot currently in spite of the fact that the BBA have not yet put in their grounds of appeal and have yet to be heard in that appeal.
Once that has been heard and a final decision reached be it at the Supreme Court or lower court then we can start talking about how they will calculate redress.

[di30]

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

The letter I received from Lloyds today - the claim ref number is not the same as the ones on the usual letters.

I understand the Ref number would be different if this was done through the CEO dept (because that is who I emailed last), but its still sent from the Customer Service dept in Newport, but looking back on the previous letters they are different to this one received today.

Perhaps its because this one was query related, goodness knows??

[NLP]

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

Hillarious... what kind of clown would believe the Banks would follow guidelines and actually contact all customers owed refunds?

haha - of course I would trust the banks... they never lie, cheat or steal do they?

Dear Customer,

We have ripped you right off over the last 6 years, find enclosed a cheque for the full refund including all interest.

Yours
A Crook

Chaiman of Robbing Barstewards & Sons (RBS)

[ncf355]

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

Its all very well that the banks have to be proactive in contacting customers (asswuming a full win for the FOS/FSA via either the banks backing down or FSA/FOS winning further stages)

But we can all imagine quite how far the banks will go in that situation

Send letter to 'last known address' -

"no response? oh, shame - well, you can say we didnt try, honest guv!"

Yet if they were chasing a debt they would no doubt go to the nth dgree (via credit records and investigators) to track the preson down and attempt to get payment from them
------------------------------- merged -------------------------------

looks like the banks are in trouble again!


http://www.independent.co.uk/news/bu...s-2276892.html

Nice find Cappo -

-

"The Commission said yesterday that it is to investigate 16 banks, including Goldman Sachs and Britain's Barclays, HSBC and Royal Bank of Scotland, amid its suspicion they "may hold and abuse a dominant position" in the credit default swap (CDS) market."


SUSPICION that they MAY hold and abuse a dominant position? good grief, you'd have to have poop in your syes not to see that one!

[charitynjw]

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

My scanner needs to be sorted, so I have copied and typed a copy of the letter received from Lloyds in regards of my email send to the CEO, the letter was dated 28 April 2011, and it arrived in this morning's post.


Dear

Thank you for your recent communications which you sent to the office of our Chief Executive, Mr Horta - Osorio. I would like to take the time to explain how your complaint about Payment Protection Insurance. (PPI) will be handled.

My understanding of your complaint is that you are concerned about the way you were sold PPI on your Lloyds TSB Loans. If I have misunderstood, this please let *** ****** know by calling 0845 3005599 between 08.00 - 18.00pm.

The current position is that I am still waiting for further information in order to assess your complaint.
We still aim to resolve your query through our internal complaints process as quickly as possible.
The rules which determine how we assess certain types of PPI complaints have now been considered by the Court as part of the legal proceedings between the British Bankers Association (BBA), the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS).

In December 2010, new FSA regulations came into affect which determine the way in which the industry should handle customer complaints about the sale of PPI Policies.

The BBA (the main trade association for banks) asked the Court to review these new regulations on PPI complaints handling issued by the FSA and guidance published by the FOS. This challenge was brought because the BBA is concerned that the FSA and FOS are changing their rules retrospectively, by applying new standards to past sales.

The Court has now delivered its decision and the parties to the legal proceedings may now consider whether they wish to appeal the decision.

In the meantime:

We will register and store your complaint;
We will let you know if there are material developments in the legal proceedings that will effect your complaint; and
We will let you know once we can resolve your complaint, but please note that we will not be able to deal with your complaint until the outcome of the Judicial Review, including any possible appeal, is known.

We wish to handle and resolve all complaints quickly and to the satisfaction our our customers. As soon as we have any further information regarding your PPI complaint we will contact you.

We are sorry that we have not been able to respond in full to your complaint now. We can assure you that this further delay will not count towards the time-limits in which you can refer your complaint to Court of FOS, should you disagree with the outcome of our assessment.

If you would like to discuss the contents of this letter further or have any questions please call me on 0845 300 5599 between 8am and 6pm, Monday to Friday.

Yours sincerely

Customer Relations Manager - Lloyds TSB Group Operations

Ok, I think the first word is 'The' - having trouble with the second word, though.
Any suggestions? lol

[cappo]

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

In the words of the FSA, firms required to conduct RCA ''will only have to act towards non-complainants''. This means that banks will review past sales and pro-actively contact customers directly to offer redress thus bypassing any claims process altogether.

Oh yes of course they will and I will get divorced and marry Johnny Depp lol

ha ha ENAID you never know your luck
------------------------------- merged -------------------------------

My scanner needs to be sorted, so I have copied and typed a copy of the letter received from Lloyds in regards of my email send to the CEO, the letter was dated 28 April 2011, and it arrived in this morning's post.


Dear

Thank you for your recent communications which you sent to the office of our Chief Executive, Mr Horta - Osorio. I would like to take the time to explain how your complaint about Payment Protection Insurance. (PPI) will be handled.

My understanding of your complaint is that you are concerned about the way you were sold PPI on your Lloyds TSB Loans. If I have misunderstood, this please let *** ****** know by calling 0845 3005599 between 08.00 - 18.00pm.

The current position is that I am still waiting for further information in order to assess your complaint.
We still aim to resolve your query through our internal complaints process as quickly as possible.
The rules which determine how we assess certain types of PPI complaints have now been considered by the Court as part of the legal proceedings between the British Bankers Association (BBA), the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS).

In December 2010, new FSA regulations came into affect which determine the way in which the industry should handle customer complaints about the sale of PPI Policies.

The BBA (the main trade association for banks) asked the Court to review these new regulations on PPI complaints handling issued by the FSA and guidance published by the FOS. This challenge was brought because the BBA is concerned that the FSA and FOS are changing their rules retrospectively, by applying new standards to past sales.

The Court has now delivered its decision and the parties to the legal proceedings may now consider whether they wish to appeal the decision.

In the meantime:

We will register and store your complaint;
We will let you know if there are material developments in the legal proceedings that will effect your complaint; and
We will let you know once we can resolve your complaint, but please note that we will not be able to deal with your complaint until the outcome of the Judicial Review, including any possible appeal, is known.

We wish to handle and resolve all complaints quickly and to the satisfaction our our customers. As soon as we have any further information regarding your PPI complaint we will contact you.

We are sorry that we have not been able to respond in full to your complaint now. We can assure you that this further delay will not count towards the time-limits in which you can refer your complaint to Court of FOS, should you disagree with the outcome of our assessment.

If you would like to discuss the contents of this letter further or have any questions please call me on 0845 300 5599 between 8am and 6pm, Monday to Friday.

Yours sincerely

Customer Relations Manager - Lloyds TSB Group Operations

what a pain di ,i,m still getting that with hsbc and mbna,have heard nothing at all about mine

[leclerc]

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

Only Nemo and the BBA are considering the appeal as I don't think the FSA/FOS want to appeal since they kinda won on all three grounds.....hmmmmmmm and Nemo Personal Finance are saying absolutely nothing about the judgement.

[cappo]

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

looks like the banks are in trouble again!


http://www.independent.co.uk/news/bu...s-2276892.html

[di30]

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

My scanner needs to be sorted, so I have copied and typed a copy of the letter received from Lloyds in regards of my email send to the CEO, the letter was dated 28 April 2011, and it arrived in this morning's post.


Dear

Thank you for your recent communications which you sent to the office of our Chief Executive, Mr Horta - Osorio. I would like to take the time to explain how your complaint about Payment Protection Insurance. (PPI) will be handled.

My understanding of your complaint is that you are concerned about the way you were sold PPI on your Lloyds TSB Loans. If I have misunderstood, this please let *** ****** know by calling 0845 3005599 between 08.00 - 18.00pm.

The current position is that I am still waiting for further information in order to assess your complaint.
We still aim to resolve your query through our internal complaints process as quickly as possible.
The rules which determine how we assess certain types of PPI complaints have now been considered by the Court as part of the legal proceedings between the British Bankers Association (BBA), the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS).

In December 2010, new FSA regulations came into affect which determine the way in which the industry should handle customer complaints about the sale of PPI Policies.

The BBA (the main trade association for banks) asked the Court to review these new regulations on PPI complaints handling issued by the FSA and guidance published by the FOS. This challenge was brought because the BBA is concerned that the FSA and FOS are changing their rules retrospectively, by applying new standards to past sales.

The Court has now delivered its decision and the parties to the legal proceedings may now consider whether they wish to appeal the decision.

In the meantime:

We will register and store your complaint;
We will let you know if there are material developments in the legal proceedings that will effect your complaint; and
We will let you know once we can resolve your complaint, but please note that we will not be able to deal with your complaint until the outcome of the Judicial Review, including any possible appeal, is known.

We wish to handle and resolve all complaints quickly and to the satisfaction our our customers. As soon as we have any further information regarding your PPI complaint we will contact you.

We are sorry that we have not been able to respond in full to your complaint now. We can assure you that this further delay will not count towards the time-limits in which you can refer your complaint to Court of FOS, should you disagree with the outcome of our assessment.

If you would like to discuss the contents of this letter further or have any questions please call me on 0845 300 5599 between 8am and 6pm, Monday to Friday.

Yours sincerely

Customer Relations Manager - Lloyds TSB Group Operations

[Angry Cat]

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

What is the general opinion on what should be paid out or claimed ?


Would it be the PPI charged + 8% ?

The charge + contractual interest charged on the rate of the loan, /c/card like 23.9%

Any thoughts so we might get ourselves prepared?

If the banks were to 'advise' its customers directly then we all know they will pick the cheapest route, but I know numerous people claiming these charges have based the interest rates in a variety of connotations.

Repayment of interest at the simple interest rate would not take customers back to the status quo...

[charitynjw]

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

In the words of the FSA, firms required to conduct RCA ''will only have to act towards non-complainants''. This means that banks will review past sales and pro-actively contact customers directly to offer redress thus bypassing any claims process altogether.

Oh yes of course they will and I will get divorced and marry Johnny Depp lol

Not another wedding! - don't chuck away your tararas yet, folks lol

[andrew1]

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

What is the general opinion on what should be paid out or claimed ?


Would it be the PPI charged + 8% ?

The charge + contractual interest charged on the rate of the loan, /c/card like 23.9%

Any thoughts so we might get ourselves prepared?

If the banks were to 'advise' its customers directly then we all know they will pick the cheapest route, but I know numerous people claiming these charges have based the interest rates in a variety of connotations.

[EXC]

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

I doubt it's going to involve the FSA investigating every one of the 16 million PPI sales since 2005 but it will mean that quite a lot of people would be getting redress where they otherwise wouldn't. It's not ideal but it's a lot better than nothing.