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

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

    Originally posted by morpheus View Post
    Lloyds TSB are a disgrace. Don't understand what they're playing at. Please can someone tell me when we should hear about the appeal? Is it expected next week?
    Lloyds are not part of the appeal so when the appeal is will be irrelevant to LloydsTSB
    "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 Paul210 View Post
      good point, if the decision had been made this week not to appeal then surely this statment need not have been made, a provision in the accounts by itself would have been sufficient.
      spot on

      Comment


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

        Originally posted by morpheus View Post
        Lloyds TSB are a disgrace. Don't understand what they're playing at. Please can someone tell me when we should hear about the appeal? Is it expected next week?
        Any appeal has to be lodged by end of next tuesday

        Comment


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

          Writing is now clearly appearing on the walls, the biggest charlatans of the lot, Lloyds are now trying on the next big con.

          Nowhere in the report to shareholders has Horatio stated they are definately paying out and pulling out of any appeal... yet to "reporters" "who report to the masses" he is saying otherwise.

          Trust me, the BBA are appealing, so this is Lloyds stealing a march on HSBC & Barclays.

          They may have made a provision in principle, but on the other hand are telling claimants they will wait for the appeal before paying out.

          Defies belief.

          Comment


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

            What does this mean within their report?

            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.
            "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 Paul210 View Post
              good point, if the decision had been made this week not to appeal then surely this statment need not have been made, a provision in the accounts by itself would have been sufficient.
              There are strict rules that govern provisions in the accounts of PLCs. The Board have to give an accurate and true reflection of their liabilities going forward. Decisions to include negative provisions such as this damage the share price and standing of a company and are not made lightly. So If Lloyds say their PPI liability will be £3.2b then that's what they genuinely think it's going to be.

              Comment


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

                Update: The City are obviously convinced Lloyds are paying out... as the shares are now down 8.8% !!!

                Comment


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

                  Originally posted by EXC View Post
                  There are strict rules that govern provisions in the accounts of PLCs. The Board have to give an accurate and true reflection of their liabilities going forward. Decisions to include negative provisions such as this damage the share price and standing of a company and are not made lightly. So If Lloyds say their PPI liability will be £3.2b then that's what they genuinely think it's going to be.
                  eventually, yes, but looks like may be at the end of any appeal process so provision is not even necessarily in for this year, once on their books is there for any point in future.

                  For sake of playing devils advocate - Given Lloyds had to make other provisions which would have had a negative impact on share price anyway have they just though "lets put in a worst case scenario and get all bad news out in one go", means they have got the damage out of the way and can always reduce the provision in future which would artificially inflate any profit figures for future. - or am i just being cynical?

                  Comment


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

                    Originally posted by Paul210 View Post
                    eventually, yes, but looks like may be at the end of any appeal process so provision is not even necessarily in for this year, once on their books is there for any point in future.

                    For sake of playing devils advocate - Given Lloyds had to make other provisions which would have had a negative impact on share price anyway have they just though "lets put in a worst case scenario and get all bad news out in one go", means they have got the damage out of the way and can always reduce the provision in future which would artificially inflate any profit figures for future. - or am i just being cynical?
                    No, you are not being cynical... you are just understanding the game large corps play out day in day out.

                    For example... also news from Lloyds this morning.... haha

                    LONDON (Dow Jones)--Bad Irish property loans are continuing to drag on Lloyds Banking Group PLC (LYG), with the bank Thursday saying that virtually its entire property development portfolio is now considered impaired.
                    Presenting its first-quarter results, Finance Director Tim Tookey said about 60% of the overall, GBP27.6 billion Ireland portfolio is subject to losses, leading to a larger-than-expected GBP2.6 billion impairment charge across the bank.
                    Ireland accounted for GBP1.14 billion of Lloyds' quarterly charge. It said the figure allows for a further 10% fall in commercial real-estate prices from already-depressed levels
                    Last edited by NLP; 5th May 2011, 09:23:AM.

                    Comment


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

                      According to Robert Peston:

                      Update 09:54: Royal Bank of Scotland will not make a decision till next week on whether to join Lloyds in agreeing to settle PPI cases.

                      BBC - Peston's Picks: Lloyds to settle PPI claims

                      So much for the BBA announcing that they'll be appealing this week then.

                      Comment


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

                        Originally posted by Paul210 View Post
                        eventually, yes, but looks like may be at the end of any appeal process so provision is not even necessarily in for this year, once on their books is there for any point in future.
                        The provision has been made against the accounts for the first 3 months of this year and has contributed to them making a loss of £3.47b.

                        Comment


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

                          Originally posted by EXC View Post
                          The provision has been made against the accounts for the first 3 months of this year and has contributed to them making a loss of £3.47b.
                          net loss is 2.44Bn

                          Comment


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

                            Originally posted by EXC View Post
                            The provision has been made against the accounts for the first 3 months of this year and has contributed to them making a loss of £3.47b.
                            its entered into the accounts for that period but the nature fo a provision is that its a future liability, it doesnt have to specify that it will be paid in the next quarter, or even within that finanical year.

                            Its not unusual for a provision to sit on accounts for several years before the liability is paid, so long as a provision in made at a time when the company became aware of the potential liability then the accounting standards are deemed to have been met.

                            Comment


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

                              Exclusive: Banks split over whether to pursue appeal on payment protection insurance following Lloyds decision. Full story on my blog soon.
                              Mark Kleinman from SkyNews

                              Kleinman: Sky News' City editor brings you the inside track on the business stories that matter | Sky News Blogs

                              Comment


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

                                As over the road.......

                                http://www.moneysavingexpert.com/new...i-legal-action

                                Lloyds Banking Group has admitted defeat and is pulling out of legal action to stop the multi-billion pound payout of payment protection insurance (PPI) compensation to mis-selling victims.
                                The UK's largest bank – which controls a third of the banking market – has set aside £3.2 billion in its interim results today to pay claims, admitting redress is appropriate in many cases.


                                The decision is a massive boost to consumers who for years were flogged PPI by bank salesmen, often under duress or where it was unsuitable for them.
                                The banks' trade body, the British Bankers' Association, lost the key judicial review in the High Court last month but may still appeal, which could drag the case on for years (see the Banks lose PPI case MSE News story).

                                It was trying to over turn Financial Services Authority (FSA) rules implemented last December that forced banks to review past sales of PPI that the watchdog initially estimated could lead to over £3 billion in compensation for consumers.
                                Despite the huge blow of the loss of its biggest member, the BBA says it is still considering whether to appeal.
                                A Lloyds spokesman says: "We will no longer be participating in the BBA's judicial review.

                                "We believe this draws a line under the issue. The £3.2bn represents our best estimate of the likelihood of customers redress plus administration costs as agreed with the regulators.
                                "Drawing a line under this issue does exactly that and is also in the interests of the long term stability of our business."

                                Massive victory
                                Dan Plant, MoneySavingExpert.com money analyst, says: "This is a massive victory and vindication of what consumers, and now the court, have been shouting loudly.
                                "Lloyds has finally seen sense, yet as millions of PPI policies have been mis-sold over years, the other massive institutions involved must now follow suit, own up that customers were badly treated and give the billions of pounds back.
                                "This is further evidence the illegitimate hold placed on claims must stop immediately, and hopefully the FSA will take strong action to make this happen.
                                "Anyone who thinks they may have been mis-sold a policy should immediately contact the bank, demanding the money back."

                                Not only is Lloyds' withdrawal significant, so too is the amount it's set aside. The FSA initially estimated a payout of £3 billion to those mis-sold in the past by the industry as a whole.
                                However, the fact Lloyds alone is setting aside £3.2 billion suggests this prediction is way off. Suggestions today indicate the true figure could be closer to £9 billion.

                                What are other banks doing?
                                Barclays and HSBC are not making any further comment on the matter.
                                We are still awaiting responses from Royal Bank of Scotland and the Co-operative Bank
                                Santander was never involved in the case.

                                Comment

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