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

[di30]

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

Ripped off Britons - Cartoon Strip

Payment Protection Insurance: bankers appeal to protect their right to do wrong


http://www.blog.rippedoffbritons.com...e-bankers.html

The banks have been comprehensively routed in the courts, and been publicly exposed in the most blatant stinking mis-selling of overpriced insurance to people who didn’t want it, didn’t understand it, and to people who weren’t even eligible to claim on it. So why are the banks going to draw out their humiliation with an appeal over Payment Protection Insurance (PPI)? The reason has little to do with PPI itself, and everything to do with something much more fundamental to the industry. The banks need to protect their right to do the wrong thing.


More on link above.

[NLP]

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

Appeal.... lose

Supreme... win

the end.

[leclerc]

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

Fast tracked does not mean that the case will be fast in the literal sense of the word. I mean, you know the legal processes in place by now, and the only comparable case I can give is the bank charges one which was announced in July 2007 and was first heard in January of 2008. This case was announced in October 2010 and heard in January 2011 with the verdict on both cases in April. In a sense, we are 3 months in front of the Bank charges case but as I said in an earlier post, the first judgement in the PPI case was that the JR could go ahead and was thrown out on all grounds. In the bank charges case, it was a score draw, ie penalty charges issue thrown out but UTCCR argument went to the OFT(rather than the FSA in this case). Once the BBA appeal then the FSA/FOS have got to respond prior to any court date. The Independent has suggested an end date of December 2012 for the full conclusion so anywhere between now and that timescale would mean that the case would have concluded faster than the bank charges case. At any rate, if people think that "fast tracked" means that the courts stops all other cases just to hear one case and give a judgement than they are deluded at best. As it stands today, the BBA are in trouble since they lost not just one of their points but every single one of them and that is important to remember.

[NLP]

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

As long this is all being "fastracked" haha

[leclerc]

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

NLP, glad to see that the banks are doing exactly what we know they are going to do

[NLP]

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

Banks will be appealing, as we all have guessed.

BBA will announce next week.

[di30]

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

http://www.ftadviser.com/FinancialAd...-customers.jsp

FSA lauds PPI ruling as victory for customers

• Published Thursday , April 28, 2011

The high court decision to dismiss the British Bankers' Associations legal challenge "signals the end of years of poor payment protection insurance complaint handling", according to the FSA.

In a statement following the decision to reject the appeal that the BBA and Nemo Personal Finance brought against the regulator's PPI measures, the FSA said the ruling would "trigger a dramatic improvement in the way customers are treated when complaining".

The regulator added: "Our primary aim has always been to get proper redress, once and for all for those with genuine complaints."
Its statement revealed that there have been more than 1.5m complaints made about PPI since the FSA took over regulation of the products in 2005. It revealed that the vast majority of complaints referred to the Financial Ombudsman Service were found in the consumer's favour.

The FSA pointed out that it had not put a waiver in place and that firms must continue to deal with complaints, including letting customers know they can refer their complaint to the Fos. It confirmed that failure to do so could result in enforcement action.

Mike Ransom, managing director of Investor Compensation, said: "This is justice for millions of consumers affected by this whole debacle. The banks finally have to pay the price for their widespread mis-selling.

"Banks have brought this on themselves and they have been guilty of using every loophole available in a bid to hang on to billions of potential refunds.
"Banks have effectively blocked information for claims made to the ombudsman, held up claims from consumers and rejected outright many claims on the grounds of small print. Following this consumer victory cash can now start to make its way, quite rightly, back to the consumers from which it was taken.
"Mass compensation figures will run into the billions. Now that the correct judgement has been made hopefully the banks will do the right thing by consumers and not try to drag the situation any further."

A statement from the BBA said: "The UK banking industry has implemented every reform on PPI sales and complaints handling required by the regulators, but the additional requirements in the FSA's policy statement apply new standards to past sales which goes beyond the rules developed by the regulator over time.

"We are disappointed with the judgement and must now consider whether it would be appropriate to apply for permission to appeal."
Alan Dick, IFA for Glasgow-based Forty Two Wealth Management, said: "The banks have been ripping off customers for years. It is about time someone sorted it out. This is a step in the right direction, but it is probably not the end of the culture."

[di30]

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

lets hope they,ve made you offers on your accounts di,keep us all informed

That would be a nice surprise lol, here's hoping, and cheers Cappo I will keep you informed. x

[millymollymoo]

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

Hi Milly

I would give them a ring to make sure, or ask them to send you a written breakdown, you could post them on a ppi thread on here, and I'm sure Bill and/or Turbo will be happy to check them out for you. x

Thanks I will xx

[cappo]

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

Chased Lloyds up by email to ask if they will be responding in regards of my query by email or hardcopy post......email received within minutes below.

This is the query I asked last week - on what will happen now to ongoing complaints since the outcome of the judgement last week.


Dear ,

Thank you for your recent communication. I can confirm that our full response is sent via the postal service because of the confidential information it contains.

I trust this clarifies matters.

Yours sincerely

A
Customer Relations Manager – Lloyds TSB Group Operations

lets hope they,ve made you offers on your accounts di,keep us all informed

[di30]

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

Chased Lloyds up by email to ask if they will be responding in regards of my query by email or hardcopy post......email received within minutes below.

This is the query I asked last week - on what will happen now to ongoing complaints since the outcome of the judgement last week.


Dear ,

Thank you for your recent communication. I can confirm that our full response is sent via the postal service because of the confidential information it contains.

I trust this clarifies matters.

Yours sincerely

A
Customer Relations Manager – Lloyds TSB Group Operations

[di30]

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

Hi all:tinysmile_grin_t:

My claim was upheld 19 april refunded with 8% simple interest saying that further interst may be payable. Contacted them 25th April by email and Citi are adamnat that they only have to give 8% simple interest. Is this right as that is not full redress at all.:argue:

Milly X

Hi Milly

I would give them a ring to make sure, or ask them to send you a written breakdown, you could post them on a ppi thread on here, and I'm sure Bill and/or Turbo will be happy to check them out for you. x

[di30]

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

Natalie Ceeney, chief ombudsman, on the need to move forward and resolve complaints about payment protection insurance (PPI).

(28 April 2011 monthly newsletter)

http://www.financial-ombudsman.org.u...news/93/93.pdf

[millymollymoo]

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

Hi all:tinysmile_grin_t:

My claim was upheld 19 april refunded with 8% simple interest saying that further interst may be payable. Contacted them 25th April by email and Citi are adamnat that they only have to give 8% simple interest. Is this right as that is not full redress at all.:argue:

Milly X

[leclerc]

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

Personally, I think what they have written to customer post judgement is more a factual comment than anything else, for example, they won no points on their JR so they couldn't say that they might pay out but that one or two points would need to be amended. They have more or less said that until all appeals processes are complete that the case will not be determined.