Re: Latest updates on PPI Judicial Review and claims on hold
I think that the above article and others like it ( No-win, no-fee vultures circle round 4.5bn PPI claim windfall - mirror.co.uk ) have got it wrong in saying that Claims Management Companies will take a significant share of the billions that are estimated to be refunded as a result of the FSA Policy Statement.
The estimates for this liability (ranging between £1.5 and £8b) are actually attributed to the Root Cause Analysis element of the Policy Statement which will largely circumvent any CMC involvement. 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.
I think that the above article and others like it ( No-win, no-fee vultures circle round 4.5bn PPI claim windfall - mirror.co.uk ) have got it wrong in saying that Claims Management Companies will take a significant share of the billions that are estimated to be refunded as a result of the FSA Policy Statement.
The estimates for this liability (ranging between £1.5 and £8b) are actually attributed to the Root Cause Analysis element of the Policy Statement which will largely circumvent any CMC involvement. 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.
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