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

[nelliewops]

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

ok what about the likes of northern rock, egg, ge money.... and others who face ppi complaints?

as they are not part of the action taking place, surely there complaints should continue?

maybe we need to clarify this so as not to put people off claiming against those types.

anybody know?

Ditto brokers - someone on MSE was told by the FOS that as their complaint was against the broker who mis-sold the PPI this would not be affected by the judicial review...............

[EXC]

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

This was justed posted on MSE from someone who has posted before helping us and I would say is a very good source of information and knows his stuff

The act of parliament, the Regulated Activities Order, 2000, for financial services has very strict behavioural rules for the owners of firms who hold more than 10 or 20% of shares. The FSA refers to them as Controllers. In the case of Lloyds and RBS the Government is the Controller and should be asked to state why it supports the PPI complaints freeze. No bank should be able to request a judicial review without the support of their largest shareholder No doubt the Gov will claim some obscure exemption but we should write to our MPs and demand an explanation. (This was not possible for bank charges as it is not a regulated product). Will the FSA ask the Gov/Controller to explain?

I'm not sure it's quite as simple as this, though I'd like to be proved wrong.

Although Government money has been put into these banks it is controlled by UKFI which is a limited company in it's own right and is an institutional shareholder which has nobody on the banks' boards. I'd say it's basically an investor rather than a 'controller' in the true sense of the word.

[EXC]

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

The FOS have put a brief statement on their site confirming that it will continue to receive complaints.

I didn't realise that the Judicial Review action is against both the FSA and FOS.

legal action on payment protection insurance (PPI)

the ombudsman will continue as normal to handle consumers' complaints about payment protection insurance – despite the legal action ("judicial review") launched on 8 October 2010 by the British Bankers Association (BBA) against the FSA and the Financial Ombudsman Service on the approach to PPI complaints handling



online PPI resource

[pompeyfaith]

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

http://www.publications.parliament.u...ialreg/m08.htm

http://www.parliamentlive.tv/Main/Pl...meetingId=6677

[NLP]

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

does anybody know the history of the last mass scale claims against banks, in the shape of endowments?

i note from the links above the ombdusman got over 300k complaints about them.

how did the banks wriggle out of them? if they did...

[pompeyfaith]

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

If I remember correctly it was not the banks that where taken to task over mis-sold endowments but rather the insurance co because they all under performed or were on course to under perform.

PF

[NLP]

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

If I remember correctly it was not the banks that where taken to task over mis-sold endowments but rather the insurance co because they all under performed.

PF

presumably lloyds must have been at the head of affairs then.

[leclerc]

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

Santander have confirmed that they are NOT part of the Judicial Review.

[marshallka]

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

What about making a complaint about a complaint not been answered and dealt with within their prescribed timescales. They would have to answer them and they are not about PPI really... they are about treating customers fairly and they are not doing... give their complaints department some work!!!! Also where treating customers fairly is concerned perhaps complaints to the FSA/OFT/trading standards etc...

[Angry Cat]

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

Ah, there lies the rub!

To whom, will consumers make there complaints to?

And, who will be the enforcer, who can take legal action on behalf of the consumer?

Trading Standards, have long used the 'get out', we do not have the resources...pleaase bear in mind how TS works and that, TS is funded also by council tax payers.

One can foresee, great problems ahead if, the general consumer has to rely on CAB and their local TS!

Last thought for the night:
In the present regime a consumer would have to contact Consumer Direct if they had a problem e.g. CCA. Consumer Direct, would log their complaint with the OFT (stats) and if the consumers complaint was considered valid, pass on the information to TS, in order that TS would contact the consumer concerned.

How will CAB be able to handle all the extra work, at the moment they are over-stretched!

http://www.guardian.co.uk/money/2010...ed-quangos-cut

[Quote]:
"How will a local trading standards have the resources or the expertise to take on national companies such as the big banks, the airlines and the supermarkets? The merger of the Competition Commission offers the opportunity to strengthen competition regulation in the UK, but this will only happen if the new body is given the resources it needs to match its task and police markets effectively." [Quote]

[di30]

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

Not JR related but in my local newspaper it seems there are some jobs losses to come for Lloyds....

http://www.southwalesargus.co.uk/new..._falls/?ref=mr

Bank jobs go as unemployment falls

10:20pm Wednesday 13th October 2010


ANOTHER huge jobs cull by banking giant Lloyds has cast a cloud over a fall in the UK's unemployment total, dealing a "devastating blow" to finance workers.
The part-nationalised bank was criticised by unions for announcing plans to axe 4,500 jobs, taking the total number of losses to 20,000 since the start of last year.

More on above link........................
------------------------------- merged -------------------------------



And also in the local news of Barclays Bank Robbery in my town 2 days ago......

http://www.southwalesargus.co.uk/new...n_bank/?ref=mr

[di30]

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

I have not kept up on this thread today sorry, lots going on as well, but have this also been posted up?


http://www.moneymarketing.co.uk/prot...020192.article


Aifa backs PPI challenge

14 October 2010 | By Natalie Holt


Aifa believes the FSA has a case to answer following the British Bankers’ Association’s decision to challenge the principle of introducing retrospective regulation via its rules on payment protection insurance.
Last week, the BBA filed papers with the High Court to seek a judicial review of the FSA’s new PPI complaint-handling rules and some decisions taken by the Financial Ombudsman Service.


More to follow on above link.

[EXC]

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

[quote=Angry Cat;176738]Ah, there lies the rub!

To whom, will consumers make there complaints to?

And, who will be the enforcer, who can take legal action on behalf of the consumer?

Trading Standards, have long used the 'get out', we do not have the resources...pleaase bear in mind how TS works and that, TS is funded also by council tax payers.

One can foresee, great problems ahead if, the general consumer has to rely on CAB and their local TS!

Last thought for the night:
In the present regime a consumer would have to contact Consumer Direct if they had a problem e.g. CCA. Consumer Direct, would log their complaint with the OFT (stats) and if the consumers complaint was considered valid, pass on the information to TS, in order that TS would contact the consumer concerned.

How will CAB be able to handle all the extra work, at the moment they are over-stretched!

http://www.guardian.co.uk/money/2010...ed-quangos-cut

[quote]:
"How will a local trading standards have the resources or the expertise to take on national companies such as the big banks, the airlines and the supermarkets? The merger of the Competition Commission offers the opportunity to strengthen competition regulation in the UK, but this will only happen if the new body is given the resources it needs to match its task and police markets effectively."

In all the doom & gloom articles I've read on the breakup of OFT, Consumer Focus and FSA, not one of them has found space to mention the impending formation of the CPMA (Consumer Protection and Markets Authority) who's remit is that of a "single integrated conduct regulator, taking a tougher, more proactive and more focused approach to regulating conduct in financial services and markets".

[Amethyst]

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

They are 'planned' to come into being by Jan 2013. Consumer Panel (the FSA job with Mike Dailly) are going to become part of the new CPMA too. The Scots papers have a few mentions of CPMA over this consumer protection 'loss' stuff and quotes from Adam Philips, but down here it does seem to be the general thought that consumers are losing protection, sadly, panic scare stories are lapped up. I'm not sure about CAB but CD really arent that brilliant and CAB can give the same info - I think the plan is just to take CDs call centre undr CABs wings. CAB tho then has a stack of government funding and become even less willing to rock the boat than they were already. I havent worked out yet exactly where CPMA will fit in round the FSA, The merged OFT & CC and so on, but sure it will all come out in the wash. I think things are getting stronger on the consumer protection front though, not weaker.



Impact assessment fro CPMA (not a great deal of effort gone into it) http://www.hm-treasury.gov.uk/d/cons...ulation_ia.pdf

In the proceed option:
• a new Financial Policy Committee will be established in the Bank of England to have responsibility for considering the macro-economic and financial issues that may threaten financial stability;
• the Bank of England will have responsibility for the regulation of settlement systems and central counterparty clearing houses to sit alongside its existing responsibilities for payment system oversight;
• a prudential regulation authority (PRA) will be established as a subsidiary of the Bank of England to have responsibility for the prudential regulation of deposit-takers, insurers and broker-dealers (investment banks);
• a consumer protection and markets authority (CPMA) will be established to have responsibility for consumer protection in financial services and for regulating conduct in financial services, including in relation to firms authorised and supervised by the PRA. A CPMA markets division will lead on market conduct regulation. The CPMA will also be responsible for the regulation (including prudential regulation) of all firms not regulated by the PRA, including most investment firms, investment exchanges and providers of trading facilities, and the provision of consumer credit.
4
The Government is also considering whether the UK Listing Authority (UKLA) should be merged with the Financial Reporting Council (FRC) under the Department for Business, Innovation & Skills, or whether it should remain within the CPMA markets division.

[EXC]

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

I havent worked out yet exactly where CPMA will fit in round the FSA, The merged OFT & CC and so on, but sure it will all come out in the wash. I think things are getting stronger on the consumer protection front though, not weaker.

I agree and as to where CPMA fits in with what exists now, although the details have not been decided, a few things can be gleaned from the FOS's written evidence to yesterday's Treasury hearing Financial Regulation

What is clear is that CPMA will be a stand alone consumer protection authority specifically for financial services - something that does not exist now.