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

[Angry Cat]

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

http://www.thisismoney.co.uk/news/ar...6&in_page_id=2

[EXC]

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

Leclerc is the spelling .

BBA - The voice of banking and financial services - Media - Article - Ppi Factsheet - Press Pack

The BBA responded to their letter(hint: their PPI factsheet page 1(the PDF one) specifically states that it's a response.

You're confusing the 'open letter' in the August 2010 Policy Statement (referred to in the BBA October 2010 guidance ) with the FSA's letter to Trade Associations of January which is what Class Act is talking about.

http://www.fsa.gov.uk/pages/consumer...ppi_letter.pdf

AFAIK the BBA have not issued further guidance since the FSA January letter.

[leclerc]

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

The FSA letter has had no impact at all. They are treating the regulator like a little lap dog....fact of the matter is this.
The BBA responded to their letter(hint: their PPI factsheet page 1(the PDF one) specifically states that it's a response.
Virtually all claims from L/TSB banking group, HSBC, Barclays, RBS and MBNA are on hold regardless whether they have broken ICOB/ICOBS or the gen law.

We had one last wk where the client is reg disabled and was out of work at the point of sale. And guess what, L/TSB say this is effected by the JR!!!
It may well be affected by the JR with regards to redress
I'm sorry ICELERC, but if you gen believe that, then you really do need to wake up and smell the coffee.

Leclerc is the spelling .

BBA - The voice of banking and financial services - Media - Article - Ppi Factsheet - Press Pack



"The FSA‘s policy statement and open letter to the industry advised that banks should consider complaints about PPI in two ways. First, by reference to the detailed conduct of business rules which applied at the time the sale was made. And second, according to standards that are based on the FSA’s guiding principles for doing business. The BBA has applied to the Courts for a judicial review of (i) the FSA’s approach contained in its policy statement, and (ii) the Financial Ombudsman Service’s approach to PPI sales complaints contained in its guidance.
We believe the FSA is effectively creating a precedent which permits it to apply new rules to previous sales – even where those sales were regulated by other FSA rules.
Therefore this ruling might not only affect customers who have bought PPI, but might also set a precedent that could affect all products regulated by the FSA."

[MBD23]

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

Cash crisis threat to Financial Ombudsman

By Richard Dyson
26 March 2011, 7:04pm
The Financial Ombudsman Service could face a funding crisis unless the City watchdog, the Financial Services Authority, this week approves measures that will enable it to raise cash.

FOS HQ: PPI generates 70,000 complaints a year
WANT TO KNOW MORE?

• Banks face £4bn blow for PPI mis-selling
• Q&A: PPI judicial review
• Budget 2011: What it means for you

FTSE LATEST

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The FOS crunch arises from complaints over payment protection insurance, the loan cover sold by banks. PPI generates 70,000 FOS complaints a year - half its caseload. The problems have been intensified by litigation.
Judgment on a High Court case launched by the British Bankers' Association, which argued that the FOS was upholding too many PPI complaints, is expected shortly, but by dragging out PPI cases under adjudication, it has starved the FOS of funds.
About 80% of its revenue comes from £600-per-case payments made by firms, but only when disputes are closed.
The BBA's action threw 'significant uncertainty' over its budgeting, the FOS said, threatening 'extreme operational and financial scenarios'.
The litigation has also given some banks cause to become less co-operative, straining the FOS further.
The FOS projected a worstcase situation where increased foot-dragging by banks, irrespective of the litigation's outcome, triggered monthly losses of £4m. This would exhaust reserves 'within six weeks', it estimated.
It has suggested an increased levy payable by all regulated firms - not just the banks - to be collected by the FSA in May.
The FOS's budget for 2011-2012 is set at about £100m. It is seeking up to £30m via the enhanced levy.
It is also focusing on cost reduction.

Read more: http://www.thisismoney.co.uk/news/ar...#ixzz1HkhwtoW4

[Class Act]

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

I don't, I think most are following BBA Guidelines set out since the FSA wrote to all firms with regards to progressing claims.

The FSA letter has had no impact at all. They are treating the regulator like a little lap dog....fact of the matter is this.

Virtually all claims from L/TSB banking group, HSBC, Barclays, RBS and MBNA are on hold regardless whether they have broken ICOB/ICOBS or the gen law.

We had one last wk where the client is reg disabled and was out of work at the point of sale. And guess what, L/TSB say this is effected by the JR!!!

I'm sorry ICELERC, but if you gen believe that, then you really do need to wake up and smell the coffee.

[MBD23]

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

High Court PPI case to end but refund struggle will go on


By Richard Dyson
Last updated at 9:55 PM on 26th March 2011

• Comments (0)
• Add to My Stories

Judgment in the court case over complaints about payment protection insurance is expected shortly. But whatever the outcome, victims are still expected to face a struggle to get refunds.
PPI policies were mis-sold in their millions, mainly alongside personal loans, with banks being the biggest culprits as they chased the vast profits built into the deals.
PPI premiums, occasionally exceeding £10,000, were simply added by lenders to borrowers' loans. Sometimes the PPI, which is supposed to meet borrowers' repayments if they lose their income, has proved useful. But often borrowers were ineligible for the cover or didn't even know they had been sold it.

This led to hundreds of thousands of complaints, many of which were rejected by banks. But complainants who took disputes to the Financial Ombudsman Service usually won.
Delays: Chief Ombudsman Natalie Ceeney says that some banks are being less co-operative

Last October, the banks, fronted by trade body the British Bankers Association, took the FOS and the Financial Services Authority to court. The BBA claimed the FOS's findings in PPI disputes were unfair. The High Court is now close to reaching a judgment, according to the parties involved.

The best outcome for consumers would be a clear ruling in their favour, ending the need for so many to seek recourse to the FOS.
'Some banks are clearly using the court case as a reason not to process claims,' says Chris Warner, of lobby group Which? 'If the BBA is told it does not have a case, banks will have to get on and deal with complaints.'
But even with that outcome consumers might be stymied, Warner points out, if the BBA decides to appeal.
A less clear-cut outcome, which some expect, would see confusion persisting and a continued high level of cases going to the FOS.
But the key point for complainants, according to the FOS, is that cases can still be referred to it as usual.

So even though banks are writing to complainants saying they will not look at the cases until the judgment is issued, complainants are entitled to refer their cases to the FOS after the eight-week 'deadlock' period after the initial complaint has passed.

A spokeswoman says: 'Don't be put off making complaints. We're still dealing with PPI cases, but it is taking longer.'
The increased time in dealing with cases is due partly to the legal case and to the large number of complaints, which continue to grow.
About 70,000 PPI cases are under consideration. The FOS expects a further 70,000 during the next 12 months. But the FOS, overseen by Chief Ombudsman Natalie Ceeney, also says some banks and other firms are taking a 'less cooperative stance in progressing PPI cases', adding further to delays.
REFORMS: Sales rules change

On Thursday, the Competition Commission published the final rules on how scandal-hit payment protection insurance should be sold in future.
PPI will not be allowed to be sold alongside a loan until at least seven days after the loan is agreed.
And borrowers will have to be given a personalised quote, detailing costs and cover.
On top of this there must be wording saying that PPI is an optional add-on to a loan.
In the past, bank staff routinely lied to borrowers, or misled them into believing they would not get a loan unless they bought expensive PPI.
This ploy was effective where borrowers were desperate for credit, or had little choice of loan provider.
The order contains a further useful proviso that will require all PPI sellers to reveal how many customers were successful in claiming on their policies.

Read more: http://www.dailymail.co.uk/money/art...#ixzz1HkgslZJV

[pompeyfaith]

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

Is Justice Ousley back from his 2 month holiday?

If you had been following the administration court list you would see that Mr Justice Ousley has been very busy hearing cases and handing down judgements.

A holiday far from it

[cappo]

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

Is NLP being sarcastic perhaps, judging by previous threads!
------------------------------- merged -------------------------------
Is Justice Ousley back from his 2 month holiday?

lets be nice guys the greedy bankers are the one,s we shouid be mad at not each other if it wasn,t for the greed of these financial institutions no one wouid need to post on forums about them

[Danlaw]

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

Is NLP being sarcastic perhaps, judging by previous threads!
------------------------------- merged -------------------------------
Is Justice Ousley back from his 2 month holiday?

[cappo]

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

Hello all.... should be fast tracked.. apparently.

Hold in there.

hi nlp any news, have you heard anything on the grapevine at all.:tinysmile_hmm_t2:

[NLP]

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

Hello all.... should be fast tracked.. apparently.

Hold in there.

[di30]

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

Found this whilst researching, a letter from the FOS to a company, which I assume most complainants received.

http://www.crystallegal.com/blog/wp-...S-Document.pdf

This one was dated 15 March 2011

I've not heard from the poster over at MSE either, that was meant to post up his letter from word to word, when he states he also received £100 from the FOS for the distress and inconvenience.

[leclerc]

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

i think the banks are using it as an excuse now they seem to be putting everything on hold.

I don't, I think most are following BBA Guidelines set out since the FSA wrote to all firms with regards to progressing claims.

[cappo]

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

I am self-emplyed diabetic and was at the time my bank hammered my account with over 12ks worth of PPI. My case is somehow affected by the JR too.

i think the banks are using it as an excuse now they seem to be putting everything on hold.

[mids]

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

I am self-emplyed diabetic and was at the time my bank hammered my account with over 12ks worth of PPI. My case is somehow affected by the JR too.