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

[stevesouth33]

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

What I don't get is the relationship between paying compensation and firms going bust, surely where the bank was merely a front for an insurance firm to sell their product through the bank and where the bank was then paid a commission, then the bank did the mis-selling not the insurance company?

If the banks were to pay out compensation then increase bank charges for everyone to maintain profitability then that does beg the question whether that is a legitemate thing for them to do, that just seems trite that the can recoup the compensation by getting more money off everyone regardless of whethere they even had a claim.

It would also be seen as a 'cartell' move if they all did it at the same time,

[cappo]

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

What I don't get is the relationship between paying compensation and firms going bust, surely where the bank was merely a front for an insurance firm to sell their product through the bank and where the bank was then paid a commission, then the bank did the mis-selling not the insurance company?

If the banks were to pay out compensation then increase bank charges for everyone to maintain profitability then that does beg the question whether that is a legitemate thing for them to do, that just seems trite that the can recoup the compensation by getting more money off everyone regardless of whethere they even had a claim.

It would also be seen as a 'cartell' move if they all did it at the same time,

you can bet there collective scheming minds have covered where the compensation is going to come from and it won,t be from there pockets.

[EXC]

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

What I don't get is the relationship between paying compensation and firms going bust, surely where the bank was merely a front for an insurance firm to sell their product through the bank and where the bank was then paid a commission, then the bank did the mis-selling not the insurance company?

I think the reference to 'firms' really means small firms like independent car dealers who sold PPI along with loan finance who would be liable for refunding all the premiums - most of which went directly to an insurance company - who would be at risk along with their employees jobs. So I don't think that on paper it's altogether unreasonable for a court to at least consider allowing an appeal.

Unlike mainstream litigation, in Judicial Reviews the courts are bound to consider all the effects of the decision that is under challenge and not to do so would be an abdication of their responsibility. Justice Ousley gave consideration to the issue but concluded that:

''I do not see that the nature of the measures in the Policy Statement, costly though they will be, and destructive of a number of businesses, can be seen as evading procedural protections which firms were intended by Parliament to enjoy.’’

In other words the existence of s404 shouldn't automatically give companies protection where it isn't applied.

[Paul210]

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

What I don't get is the relationship between paying compensation and firms going bust, surely where the bank was merely a front for an insurance firm to sell their product through the bank and where the bank was then paid a commission, then the bank did the mis-selling not the insurance company?

with the big banks the insurer is often part of the overall banking group, i.e. barlcys and barclaycard use Barclays insurance (dublin) ltd, RBS group use their own in group insurer, as do Lloyds Banking Group etc etc etc.

The inter company relationship means that regardless of whether the bank or the insurer takes the hit they both take the hit via the groups financial position being weakened.

[di30]

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

An email back from lloyds, but not with a full response as yet, this was in query of asking of an update of my ongoing cases with them - since the outcome of the JR last week, so they state they will be getting back to me.

Dear,

Thank you for your recent communications with regard to the position of your complaint following the Judicial Review Announcement.

At present I’m waiting for further information before I can respond in full but please be assured as soon as I have any further information I’ll be in touch.

Yours sincerely

A
Customer Relations Manager – Lloyds TSB Group Operations

[Paul210]

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

Again thanks but my interest is more theoretical . I am just trying to understand what happens where there is a chain of DCA's and the original lender has ceased to exist or is unable to provide the docs.

When you say paperwork do you mean with regard to the ppi sale or do you mean the copy agreement to try and challenge under CCA provisions?

Eitherway the reality is the same, a DCA will often just refer you back to the original lender as its extremely unlikely they would have this, they tend to buy these debts on bulk and dont bother getting all info regarding original debt

[flossie]

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

So the BBA lost the JR but it appears that they are still putting cases on hold, against the ruling of the FSA. It looks like it could be many more months of waiting if they do decide to appeal.
Many of us have cases on hold and decided to wait until the JR was announced and not take them to the FOS.
Do the FSA really have any idea of the number of cases on hold? If we all now referred our cases on to the FOS they would be completely overwhelmed. Perhaps it would spur the FSA on to do something instead of being what appears to be completely spineless in allowing this behaviour from the banks.

[leclerc]

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

So the BBA lost the JR but it appears that they are still putting cases on hold, against the ruling of the FSA. It looks like it could be many more months of waiting if they do decide to appeal.
Many of us have cases on hold and decided to wait until the JR was announced and not take them to the FOS.
Do the FSA really have any idea of the number of cases on hold? If we all now referred our cases on to the FOS they would be completely overwhelmed. Perhaps it would spur the FSA on to do something instead of being what appears to be completely spineless in allowing this behaviour from the banks.

If you refer the cases to the FOS they will not resolve it any quicker since they have already stated that some financial institutions are not providing information so that a determination of cases can be made.

[pompeyfaith]

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

Well most of us know that the financial industry as a whole withold information that is likely to progress a claim whether it is on hold due to the JR or not.

I have documentary evidance of this and it took my claim 2.5 yrs to sort out, the FOS needs to get tough also and rule a claim in the consumers favour if the bank or other financial company is not complying to the FSA rulebook and/or open letters.

[pompeyfaith]

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

Lets also not forget if a claim does go in the consumers favour and was missold that is a financial mistake and thus money they should not have, so have no rights at all to get it from else where it is not even a loss to them.

All the media stating that the banks will be making a loss and be hit with a bill for £4Bn is widely off the mark because it is not, all they are doing to returning funds they should never have taken.

Furthermore through reinvesting that money they have made a lot more than they will have to pay out.

[di30]

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

http://www.mortgagestrategy.co.uk/di...030095.article

Disappointed BBA considers next step as court throws out PPI case

25 April 2011.

The British Bankers’ Association is considering whether to appeal against the High Court’s decision last week on the mis-selling of payment protection insurance.
The court dismissed the BBA’s legal challenge over the way banks should deal with PPI claims.

The BBA launched a judicial review in October 2010 in response to the Financial Services Autho-rity’s guidelines for dealing with complaints. The FSA had advised the industry that it should consider PPI complaints not just by reference to the Mortgage Conduct of Business rules that applied at the time, but to standards based on its guiding principles for doing business.
It was estimated this could lead to more than 2.5 million people being refunded up to £2.7bn in total.
The BBA argued the procedure risked setting a precedent, which would allow the regulator to apply new rules to previous sales for any financial product.
A spokeswoman for the BBA says: “We are disappointed with the judgment and need to consider the next steps, including whether to apply for permission to appeal.”
She says complaints affected by the judicial review will continue to be on hold until the next steps have been decided. The BBA has 21 days to decide whether to appeal.
The FSA has encouraged firms to co-operate with consumers who make complaints and inform them why their case has been put on hold.
It says: “The FSA has not put a waiver in place so firms must deal with complaints where possible, including letting them know they can refer their complaint to the Financial Ombudsman Service if they cannot progress it.”

[di30]

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

I cannot believe its almost a week since they delivered the verdict!

I did not receive any further emails from Lloyds since they posted that one above as posted earlier, but they did say as soon as possible.
I take it they will respond now as soon as they know what is happening about the appeal, even though its highly likely they have to have it confirmed before actually announcing it, where I understand they will be updating the bank's websites as soon as they know.

[charitynjw]

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

Any fair-minded, reasonable person would have viewed the recent decision & would have given up gracefully.
Bet they appeal.....

[di30]

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

Any fair-minded, reasonable person would have viewed the recent decision & would have given up gracefully.
Bet they appeal.....

I'm sure they will, but going to keep a positive mind.

[pompeyfaith]

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

let them appeal and lose as that is a royal slap on the backside lol and further cements the judgment and will give the consumer a massive boost.

It will also bode well for any consumer wishing to progress there claim via the county courts.