• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

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

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

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

    Originally posted by NLP View Post
    You will all be happy to hear Lloyds are being butchred in the City this morning.... down over 5%!!
    ------------------------------- merged -------------------------------
    btw - they have made a "prudent PROVISION"

    so they are hedging.

    Have you the link NLP please? cheers.

    Comment


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

      It is good news reading between the lines of what Lloyds have done, but until I see it in writing then won't believe it

      Comment


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

        Originally posted by di30 View Post
        Have you the link NLP please? cheers.
        I am checking the prices on my broker quote system... but I am sure there are financial reporting sites who will print the story soon, i will link them up.

        Currently Lloyds are trading at 55p down 5.2%, which is just massive.

        Comment


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

          Originally posted by NLP View Post
          I am checking the prices on my broker quote system... but I am sure there are financial reporting sites who will print the story soon, i will link them up.

          Currently Lloyds are trading at 55p down 5.2%, which is just massive.

          Cheers for that.

          Comment


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

            For my money, it's a great story for Lloyds.... they must know the BBA are appealing, so this "provision" is just nicely tucked up bit of money for a carve up in later years.

            I have purchased Lloyds shares this morning at 55.2p

            Comment


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

              Fourth paragraph down makes very interesting reading, and as it's come from one of the leading news agencies in the World, my initial hunch is that it's true:

              http://uk.reuters.com/article/2011/0...RealEstateNews

              Comment


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

                Originally posted by The_Big_Dog View Post
                Fourth paragraph down makes very interesting reading, and as it's come from one of the leading news agencies in the World, my initial hunch is that it's true:

                http://uk.reuters.com/article/2011/0...RealEstateNews

                As on 4th paragraph down.........

                Lloyds will not be involved with any industry appeal against the ruling and its provision should "draw a line under the issue" for the bank, CEO Antonio Horta-Osorio said on a conference call.

                Comment


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

                  LONDON (Dow Jones)--Lloyds Banking Group PLC (LYG) Thursday said it set aside GBP3.2 billion to cover the expected costs of customer payouts over mis-sold payment protection insurance, resulting in a GBP2.44 billion net loss in the first quarter.
                  The decision to make the PPI provision came after a court judgment two weeks ago against an appeal by banks over the matter and following discussions with the Financial Services Authority, Lloyds said. Lloyds is the most-exposed of the U.K. banks to PPI compensation, which customers are seeking after in some cases having been pressured into buying insurance or not understanding it was optional when they took out mortgages or other loans.
                  Lloyds' effort to draw a line under the issue could make it less likely that its rivals will seek a new appeal of the FSA's October rules requiring banks to review their past sales of the insurance policies and consider compensation.
                  The bank's shares opened down 5.2% at 55 pence.
                  By the 41% state-owned bank's more-favorable "combined business" reporting that strips out the PPI provision and other costs, Lloyds made a GBP284 million pretax profit, up from GBP173 million in the first quarter of last year.
                  Underlying first-quarter revenue slipped, though, to GBP5.2 billion from GBP5.9 billion, and was also lower than in the fourth quarter. The bank said the fall reflected lower banking net interest margins, which are being squeezed by its higher funding costs, as well as losses on sales of non-core treasury assets.
                  The banking net interest margin contracted to 2.07% from 2.12% at the end of the fourth quarter, highlighting the higher cost Lloyds is paying to issue bonds and raise other forms of funding.
                  Impairment charges rose more than expected because of ongoing weakness in the Irish loan book, hitting GBP2.6 billion in the quarter, up from GBP2.4 billion in the first quarter of 2010.
                  The results are the first to be released since new Chief Executive Antonio Horta-Osorio took over March 1, and are being seen as a "kitchen sink" exercise to clear the books and start afresh.
                  ------------------------------- merged -------------------------------
                  Originally posted by di30 View Post
                  As on 4th paragraph down.........

                  Lloyds will not be involved with any industry appeal against the ruling and its provision should "draw a line under the issue" for the bank, CEO Antonio Horta-Osorio said on a conference call.
                  It's all conjecture, but Lloyds are always first to freeze cases and avoid their duty to payout, I don't see this changing if the rest decide to appeal... which they have.
                  Last edited by NLP; 5th May 2011, 07:43:AM. Reason: Automerged Doublepost

                  Comment


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

                    guardian.co.uk, Thursday 5 May 2011 07.51 BST


                    http://www.guardian.co.uk/business/2...otection-costs

                    Lloyds dragged back into red by £3bn payment protection charge

                    Lloyds had make a pre-tax profit of £1.1bn in the same three months a year ago.

                    Bailed-out Lloyds Banking Group has sunk to a first quarter loss after taking a larger than expected provision of £3.2bn to cover the costs of misselling payment protection insurance.
                    New chief executive Antonio Horta-Osorio has also upped the impairment charge for bad loans by £500m more than expected, blaming the situation in Ireland where the bank was a major lender following its rescue of HBOS during the 2008 banking crisis. It is expecting another 10% fall in commercial property prices in Ireland.

                    The £3.2bn provision for PPI forced the bank to report a pre-tax loss of £3.4bn barely three months after the former boss Eric Daniels had heralded the return to a first full-year profit for the bailed-out bank since the crisis.

                    The bank had make a pre-tax profit of £1.1bn in the same three months a year ago and insisted that its performance was "satisfactory" on what it calls a combined business basis, which strips out the costs associated with the integration. On this measure profits were £284m.

                    The PPI provision follows the high court judgement on 20 April which upheld a ruling by the Financial Services Authority that banks should compensate customers retrospectively for PPI. Signalling a new approach to PPI, where banks have stalled on compensation, Horta Osorio said on Thursday: "It is appropropriate to take a provision now and move on."

                    The £3.4bn of losses also included integration costs of £333m. The bank reiterated its surprise at the independent banking commission's decision to suggest more branches should be sold off in addition to 600 branches demanded by the EU in return for almost £20bn of taxpayer aid.

                    For the whole of 2010 the bank took a £13.1bn hit from bad debt provisions – some £5.7bn related to problems in Ireland and Australia inherited from the controversial HBOS deal.

                    Comment


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

                      It's all conjecture, but Lloyds are always first to freeze cases and avoid their duty to payout, I don't see this changing if the rest decide to appeal... which they have.


                      How do you know the rest have.
                      If you think nobody cares if you're alive, try missing a couple of payments.

                      sigpic

                      Comment


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

                        "Following the publication on 20 April 2011 of the High Court’s judgment regarding Payment Protection Insurance
                        complaints, and subsequent discussions with the Financial Services Authority, the Group has concluded that there
                        are certain circumstances where customer contact and/or redress is appropriate. Although uncertainties remain,
                        the Group has made a provision of £3,200 million in this regard. This provision has been charged against the
                        Group’s results for the first quarter of 2011 and is excluded from combined businesses results. Including this
                        provision, the Group has reported a statutory loss before tax of £3,470 million in the first quarter of 2011. "

                        The above is in the interim Lloyds Banking Group report
                        http://www.lloydsbankinggroup.com/me...LBG_Q1_IMS.pdf
                        "Family means that no one gets forgotten or left behind"
                        (quote from David Ogden Stiers)

                        Comment


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

                          "We will no longer be participating in the BBA's judicial review''.

                          A direct quote from Lloyds chief executive Antonio Horta-Osorio is hardly 'conjecture'.

                          Comment


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

                            "Provision for Payment Protection Insurance contact and redress
                            On 20 April 2011, the High Court dismissed the application of the British Bankers’ Association (BBA) to seek
                            judicial review against the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS)
                            regarding the handling of Payment Protection Insurance (PPI) complaints. Since publication of the judgment, the
                            Group has been in discussions with the FSA with a view to seeking clarity around the detailed implementation of
                            the FSA Policy Statement of 10 August 2010, which sets out evidential provisions and guidance on the fair
                            assessment of customer complaints and the calculation of redress, and has concluded that there are certain
                            circumstances where customer contact and/or redress is appropriate. While there are still a number of
                            uncertainties as to the eventual costs from any such contact and/or redress, the Group has made a provision of
                            £3,200 million at this time. Further detail is given on page 10 of this release. "


                            Payment Protection Insurance
                            There has been extensive scrutiny of the Payment Protection Insurance (PPI) market in recent years.
                            In October 2010, the UK Competition Commission confirmed its decision to prohibit the active sale of PPI by a
                            distributor to a customer within seven days of a sale of credit. This followed the completion of its formal
                            investigation into the supply of PPI services (other than store card PPI) to non-business customers in the UK in
                            January 2009 and a referral of the proposed prohibition to the Competition Appeal Tribunal. Following an earlier
                            decision to stop selling single premium PPI products, the Group ceased to offer PPI products to its customers in
                            July 2010.
                            On 29 September 2009 the FSA announced that several firms had agreed to carry out reviews of past sales of
                            single premium loan protection insurance. Lloyds Banking Group agreed in principle that it would undertake a
                            review in relation to sales of single premium loan protection insurance made through its branch network since
                            1 July 2007. That review will now form part of the ongoing PPI work referred to below.
                            On 1 July 2008, the Financial Ombudsman Service (FOS) referred concerns regarding the handling of PPI
                            complaints to the Financial Services Authority (FSA) as an issue of wider implication. On 29 September 2009 and
                            9 March 2010, the FSA issued consultation papers on PPI complaints handling. The FSA published its Policy
                            Statement on 10 August 2010, setting out evidential provisions and guidance on the fair assessment of a
                            complaint and the calculation of redress, as well as a requirement for firms to reassess historically rejected
                            complaints which had to be implemented by 1 December 2010.
                            On 8 October 2010, the British Bankers Association (BBA), the principal trade association for the UK banking and
                            financial services sector, filed an application for permission to seek judicial review against the FSA and the FOS.
                            The BBA sought an order quashing the FSA Policy Statement and an order quashing the decision of the FOS to
                            determine PPI sales in accordance with the guidance published on its website in November 2008. The Judicial
                            Review hearing was held in late January 2011. On 20 April 2011, judgment was handed down by the High Court
                            dismissing the BBA’s application. The BBA, in conjunction with its members, is now giving consideration to the
                            next steps including whether it would be appropriate to apply for permission to appeal. The application to apply for
                            permission to appeal must be made by 10 May 2011.
                            Since publication of the judgment, the Group has been in discussions with the FSA with a view to seeking clarity
                            around the detailed implementation of the Policy Statement. As a result, and given the initial analysis that the
                            Group has conducted of compliance with applicable sales standards which is continuing, the Group has concluded
                            that there are certain circumstances where customer contact and/or redress will be appropriate. Accordingly the
                            Group has made a provision of £3,200 million in respect of the anticipated costs of such contact and/or redress,
                            including administration expenses. There are still a number of uncertainties as to the eventual costs from any
                            such contact and/or redress given the inherent difficulties of assessing both the impact of detailed implementation
                            of the Policy Statement for all PPI complaints, uncertainties around the ultimate emergence period for complaints,
                            the availability of supporting evidence and the activities of claims management companies, all of which will
                            significantly affect complaints volumes, uphold rates and redress costs. "
                            "Family means that no one gets forgotten or left behind"
                            (quote from David Ogden Stiers)

                            Comment


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

                              Originally posted by EXC View Post
                              "We will no longer be participating in the BBA's judicial review''.

                              A direct quote from Lloyds chief executive Antonio Horta-Osorio is hardly 'conjecture'.
                              EXC - could you provide a link for the source of this quote?

                              very powerful statement if true.

                              Comment


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

                                Originally posted by NLP View Post
                                You will all be happy to hear Lloyds are being butchered in the City this morning.... down over 5%!!
                                ------------------------------- merged -------------------------------
                                btw - they have made a "prudent PROVISION"

                                so they are hedging.
                                Hope its good news but dont thint makes any difference as they have to make this provision legally for their accounts to be signed off. They would have to make a provision even if they won the last round in case the fsa appealed and the banks lost

                                QCK

                                Comment

                                View our Terms and Conditions

                                LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                                If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                                If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                                Working...
                                X