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

[cappo]

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

Just a suggestion......not saying it will work but anything is worth a try lol.

Is there anyway we can put some sort of letter together and send a copy to all involved, FSA/FOS/BBA etc even the courts, to put our opinions forward before an appeal possibly goes ahead.
It may get ignored, but anything maybe worthwhile in the favour of thousands of consumers.

Call me daft if you want to lol.

that is an excellent idea di at least they might see the true face of the consumer and see the actual person not just the "account number"

[di30]

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

Ok Di, you're daft!
Only kidding Di lol - I'll sign up - good idea!

LOL "dizzy daft di" :bounce:eace:
Well, I'm game for a start, and the more the better, we should have the opportunity to have our say and speak up for our consumers.
We do have a few on here with good wording with letter writing!

Cheers for that.

[charitynjw]

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

Just a suggestion......not saying it will work but anything is worth a try lol.

Is there anyway we can put some sort of letter together and send a copy to all involved, FSA/FOS/BBA etc even the courts, to put our opinions forward before an appeal possibly goes ahead.
It may get ignored, but anything maybe worthwhile in the favour of thousands of consumers.

Call me daft if you want to lol.

Ok Di, you're daft!
Only kidding Di lol - I'll sign up - good idea!

[di30]

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

Just a suggestion......not saying it will work but anything is worth a try lol.

Is there anyway we can put some sort of letter together and send a copy to all involved, FSA/FOS/BBA etc even the courts, to put our opinions forward before an appeal possibly goes ahead.
It may get ignored, but anything maybe worthwhile in the favour of thousands of consumers.

Call me daft if you want to lol.

[pompeyfaith]

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

From the Solicitors acting for the FOS:

http://www.russell-cooke.co.uk/about...tory.cfm?id=85

[di30]

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

http://www.dailyfinance.co.uk/2011/0...-free-banking/

Fight banks' move to end free banking.


Banks will try to use the latest ruling against them over payment protection insurance to find other ways to rip-off customers. It could even spell the end of free banking. We must not let that happen. Banks make enough money already. Personal banking must remain free of charge.



Poverty

Nearly 15% of low income households still have no bank account, though many do now have a basic Post Office card account. About 5% have no account at all.

But many workers on low wages only opened bank accounts because their employers insisted on switching from weekly cash wage packets to monthly salaries by bank transfer. Charging them would be robbing them of their wages.

Many thousands opened bank accounts in the 1990s as part of negotiations for a shorter working week. Employers realised they could save so much money by scrapping weekly cash payments they agreed to pay rises or hour cuts with no loss of pay by tying their staff to the banks.

Money for old rope

Banks make money in a very simple way. Savers put money in and borrowers take money out. The interest rate that the banks pays savers is much lower than the rate they charge borrowers. So they make a huge profit. The basic accounts are just a shop window for the add-on services they sell at a profit.

And charges are disproportionate. A decade or so ago my small business needed to take on a member of staff. We needed to become a limited company. That required us to have a business bank account. We now pay about £200 a year in bank charges.

First they said electronic payments were half the price of cheques. Once we had switched to entirely electronic payments they doubled the charges for them to bring them in line with cheques. And then they announce nobody uses cheques any more so they are scrapping them.

Once a year my bank rings up and asks how the business is doing, then ignores all my complaints. Last week I went into the bank and asked the nice young man in a suit about getting specific coins and notes. He said I could do it as the counter. 35 minutes of queuing late the counter staff said I could not.

And I pay £200 a year for this "service"?

No excuse

Banks have been found guilty of mis-selling payment protection insurance. They have been found wanting in so many other areas over the past few years. We must not let them off the hook. We must not take our eye off them for a moment. Consumers must have free banking, forever.

[cappo]

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

http://www.bba.org.uk/media/article/...aints-handling

Payment Protection Insurance - complaints handling
21/04/11

The BBA's members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If the complaint will be impacted by the judicial review, and cannot be resolved at this point, then your bank will write to inform you.
Until a decision is taken on an appeal, any complaints that are directly affected by the judicial review and can not be decided now will be placed on hold, and we will continue to work closely with the FSA to ensure that all complaints are appropriately handled.

Customers should be assured that all complaints will be reviewed - even those delayed by this judicial review process. There is no deadline for receipt of complaints. If customers have a problem regarding PPI they should contact their bank and, if necessary, complain in the normal way.

We felt compelled to take on a Judicial Review to clarify the standards relating to PPI complaints handling after exhausting all other avenues with the regulators to reach a solution. We consider that process is still ongoing as an application to appeal may be made and will not be completed until the right to appeal is lost or waived or any appeal hearings are resolved. We are presently reviewing the judgment very carefully and considering whether to make an application to appeal, which must be lodged by 10 May 2011.
------------------------------- merged -------------------------------
http://www.bba.org.uk/media/article/ppi-factsheet


Payment Protection Insurance (PPI)
20/04/11

Why the BBA brought a judicial review.


What is PPI?

PPI is an insurance product which covers the risk of a borrower being unable to repay their borrowing.
It typically covers accident, sickness, unemployment and death, but the detailed terms and conditions of different policies will vary. It is usually paid for either as a single up front premium (usually added to the amount of the underlying loan provided) or by separate monthly instalments.
Until recently, banks offered to arrange PPI for customers alongside their credit applications.

What was the case about?

The BBA has asked for a judicial review of the FSA policy statement on PPI complaints and guidance published by the Financial Ombudsman Service.
This judicial review is about the ability of the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS) to apply new standards to old sales; it is not simply about PPI.
The FSA‘s policy statement and open letter to the industry advised that banks should consider complaints about PPI in two ways. First, by reference to the detailed conduct of business rules which applied at the time the sale was made. And second, according to standards that are based on the FSA’s guiding principles for doing business. The BBA has applied to the Courts for a judicial review of (i) the FSA’s approach contained in its policy statement, and (ii) the Financial Ombudsman Service’s approach to PPI sales complaints contained in its guidance.
Whilst the UK banking industry has to date implemented every reform on PPI sales and complaints handling required by the regulators, we believe (and continue to believe) that the FSA is effectively creating a precedent which permits it to apply new rules to previous sales – even where those sales were regulated by other FSA rules.
Therefore this ruling might not only affect customers who have bought PPI, but might also set a precedent that could affect all products regulated by the FSA.
The judicial review was heard in the High Court during the week of Monday 24th January 2011.

What is your view of the judgment?

We are disappointed with the judgment and now need to consider the details of it very carefully as well as next steps, including whether it would be appropriate to apply for permission to appeal.

I have lodged a mis-selling complaint with my bank. What will happen to this complaint?

The BBA's members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If your complaint will be impacted by the judicial review, and cannot be resolved at this point, your bank will write to inform you.
Customers should be assured that all complaints will be reviewed - even those delayed by this judicial review process.

Is there a deadline for making complaints?

There is no deadline for receipt of complaints. If customers have a problem regarding PPI they should contact their bank and, if necessary, complain in the normal way.

How long will this all take?

The BBA is working with the FSA and the FOS to ensure that these matters are resolved as swiftly and fairly as possible. The industry felt that there was no alternative but to go to judicial review, as discussions with the FSA and the FOS have not enabled the issues to be resolved. The deadline for asking for permission to appeal is 10th May 2011.

British Bankers' Association
Wednesday 20th April 2011

wasters!:tung:

[di30]

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

http://www.bba.org.uk/media/article/...aints-handling

Payment Protection Insurance - complaints handling
21/04/11

The BBA's members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If the complaint will be impacted by the judicial review, and cannot be resolved at this point, then your bank will write to inform you.
Until a decision is taken on an appeal, any complaints that are directly affected by the judicial review and can not be decided now will be placed on hold, and we will continue to work closely with the FSA to ensure that all complaints are appropriately handled.

Customers should be assured that all complaints will be reviewed - even those delayed by this judicial review process. There is no deadline for receipt of complaints. If customers have a problem regarding PPI they should contact their bank and, if necessary, complain in the normal way.

We felt compelled to take on a Judicial Review to clarify the standards relating to PPI complaints handling after exhausting all other avenues with the regulators to reach a solution. We consider that process is still ongoing as an application to appeal may be made and will not be completed until the right to appeal is lost or waived or any appeal hearings are resolved. We are presently reviewing the judgment very carefully and considering whether to make an application to appeal, which must be lodged by 10 May 2011.
------------------------------- merged -------------------------------
http://www.bba.org.uk/media/article/ppi-factsheet


Payment Protection Insurance (PPI)
20/04/11

Why the BBA brought a judicial review.


What is PPI?

PPI is an insurance product which covers the risk of a borrower being unable to repay their borrowing.
It typically covers accident, sickness, unemployment and death, but the detailed terms and conditions of different policies will vary. It is usually paid for either as a single up front premium (usually added to the amount of the underlying loan provided) or by separate monthly instalments.
Until recently, banks offered to arrange PPI for customers alongside their credit applications.

What was the case about?

The BBA has asked for a judicial review of the FSA policy statement on PPI complaints and guidance published by the Financial Ombudsman Service.
This judicial review is about the ability of the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS) to apply new standards to old sales; it is not simply about PPI.
The FSA‘s policy statement and open letter to the industry advised that banks should consider complaints about PPI in two ways. First, by reference to the detailed conduct of business rules which applied at the time the sale was made. And second, according to standards that are based on the FSA’s guiding principles for doing business. The BBA has applied to the Courts for a judicial review of (i) the FSA’s approach contained in its policy statement, and (ii) the Financial Ombudsman Service’s approach to PPI sales complaints contained in its guidance.
Whilst the UK banking industry has to date implemented every reform on PPI sales and complaints handling required by the regulators, we believe (and continue to believe) that the FSA is effectively creating a precedent which permits it to apply new rules to previous sales – even where those sales were regulated by other FSA rules.
Therefore this ruling might not only affect customers who have bought PPI, but might also set a precedent that could affect all products regulated by the FSA.
The judicial review was heard in the High Court during the week of Monday 24th January 2011.

What is your view of the judgment?

We are disappointed with the judgment and now need to consider the details of it very carefully as well as next steps, including whether it would be appropriate to apply for permission to appeal.

I have lodged a mis-selling complaint with my bank. What will happen to this complaint?

The BBA's members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If your complaint will be impacted by the judicial review, and cannot be resolved at this point, your bank will write to inform you.
Customers should be assured that all complaints will be reviewed - even those delayed by this judicial review process.

Is there a deadline for making complaints?

There is no deadline for receipt of complaints. If customers have a problem regarding PPI they should contact their bank and, if necessary, complain in the normal way.

How long will this all take?

The BBA is working with the FSA and the FOS to ensure that these matters are resolved as swiftly and fairly as possible. The industry felt that there was no alternative but to go to judicial review, as discussions with the FSA and the FOS have not enabled the issues to be resolved. The deadline for asking for permission to appeal is 10th May 2011.

British Bankers' Association
Wednesday 20th April 2011

[Paul210]

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

But only if that is written in the Terms and Conditions it probably is but is worth pointing out as it was not in many older agreements.
[/color][/left]

The bank holds a legal right of set-off irrespective of whether in terms or not where it relates to the same account and that account is in arrears, only needs to be expressed in terms and conditions where crossing multiple accounts or not in arrears and even then its a murky area - see below

The basic position is that a firm has a right – but not a duty – to look at a customer’s overall position and to "combine" the accounts held by that customer. This is sometimes called a right of "set off" or a right to "combine" accounts. A firm has this as a general right, whether or not it mentions the right in the account terms. - Quoted from FOS publication - http://www.financial-ombudsman.org.u.../40_setoff.htm

[Paul210]

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

Paul210 Thanks for the reply, and I agree. The difficulty will arise where the debt has been sold more than once and the original creditor has disappeared/ceased to exist/not around anymore.

If orig cred ceased to exist then poss have recourse to FSCS (depending on meeting date criteria), who was the original lender and when did you take out the debt?

[pompeyfaith]

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

You do need to be aware though that if an account is in arrears (with DCA so must be) then the lender/DCA have a legal right of setoff so you may end up reducing the balance owing rather than getting any money back (redusing what you owe would still benefit you though so worth pursuing).

But only if that is written in the Terms and Conditions it probably is but is worth pointing out as it was not in many older agreements.

[di30]

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

Not that it doesn't surprise me, but after leaving an email to Lloyds Customer care, also copied to CEO, they have not yet got back, but normally they do get back within a short time.

Its only in regarding my 2 ongoing reclaims I still have with them due to the hold up of the JR, and I asked if they could just put me in the picture of what happens now (not that I don't know lol) but wanted it straight from the horses mouth.

Obviously they are very disappointed with yesterday's outcome and I do really think they thought they were going to win and not prepared due to the loss.

Saying that, they are probably over-run with emails and unable to keep up lol.

[jebedee]

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

Paul210 Thanks for the reply, and I agree. The difficulty will arise where the debt has been sold more than once and the original creditor has disappeared/ceased to exist/not around anymore.

[Paul210]

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

This may need a new thread but I have a question. What is the position if your debt was purchased/assigned to some third party such as a collections agency. They will not have documents to decide if my PPI was mis-sold and if I need redress.

you would need to make the claim to the original lender who is still liable as they were responsibilt for the original sale of insurance, as such should still hild the relevant info regarding such.

You do need to be aware though that if an account is in arrears (with DCA so must be) then the lender/DCA have a legal right of setoff so you may end up reducing the balance owing rather than getting any money back (redusing what you owe would still benefit you though so worth pursuing).

[jebedee]

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

This may need a new thread but I have a question. What is the position if your debt was purchased/assigned to some third party such as a collections agency. They will not have documents to decide if my PPI was mis-sold and if I need redress.