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

[The Debt Star]

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

It was the co-op bank. stand-off over now. I bet it wasn't a bomb; just a bag filled with his last worldly possessions after the bank re-po'd his house or something.

[Paul210]

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

As also posted over on my Hamilton thread.......


Just received email now and its not good news.

The Adjudicator have stated that he is unable to determine the relationship of the insurer to the broker, and of course we cannot make the lender responsible (we knew that).

We have until the 16th of this month to provide any further information if we want this reviewed by the ombudsman.

I did have a feeling about this, and it doesn't help with the broker dissolved, although I am not leaving it there. Just shame its taken approx 2 years to come to this decision.

have you considered pursuing HFC via court route, case law suggets lender is vicariously liable for actions of broker due to agency agreement (Wislon v Hurstanger Ltd [2007] EWCA Civ 299. This wasnt a ppi case but the precedent could easily be applied to a broker being induced by way of commision by the lender to breach their fiduciary duty to their client (you) in order to sell insurance.

[TUTTSI]

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

Please please guys and girls don't go to the extreme that this feller did in Watford, bombs can hurt and kill people and that does not solve anything.

But please do write to the CEO of your bank if you feel that your claim(s) are not being dealt with in a timely manner. But I really do understand the frustration of this guy because I know that the Co op have not been particularly co-operative in handling claims as I remember when peeps were claiming under hardship they got absolutely no responses whatsoever.

[cappo]

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

As also posted over on my Hamilton thread.......


Just received email now and its not good news.

The Adjudicator have stated that he is unable to determine the relationship of the insurer to the broker, and of course we cannot make the lender responsible (we knew that).

We have until the 16th of this month to provide any further information if we want this reviewed by the ombudsman.

I did have a feeling about this, and it doesn't help with the broker dissolved, although I am not leaving it there. Just shame its taken approx 2 years to come to this decision.

Sorry di,that's not good news,your going to wait on the ombudsman now eh,As you've said it's a shame it's taken them so long to tell you.

[pompeyfaith]

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

Yup my PPI claim with them took 2.5 yrs and they constantly lied to me and the FOS.

The Co-op Bank GOOD WITH MONEY

[SoapyBubbles]

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

What banks, if any have already been fined for the misselling of PPI? And how much were they fined?

Were they fined before, during or after the Judicial Review?


Also what banks have been proved to have missold PPI as opposed to speculating they have missold.

Some of the big banks have put some serious cash to the side for missold PPI. This doesn't automatically mean that they'll pay it all out or want to pay it all out or even have to pay it all out.

So what banks have have had the most complaints for PPI misselling UPHELD against them thus far is what I'm trying to say I guess.

[MattyA]

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

What banks, if any have already been fined for the misselling of PPI? And how much were they fined?

Were they fined before, during or after the Judicial Review?


Also what banks have been proved to have missold PPI as opposed to speculating they have missold.

Some of the big banks have put some serious cash to the side for missold PPI. This doesn't automatically mean that they'll pay it all out or want to pay it all out or even have to pay it all out.

So what banks have have had the most complaints for PPI misselling UPHELD against them thus far is what I'm trying to say I guess.

I typed it in google ages ago & it appears most banks have been fined in the past for this - some more than others.

Im think you can find out number of complaints somwhere - but it is all complaints against the bank not just PPI.
------------------------------- merged -------------------------------

I'm sure he's a Barclays customer. Probably a Reserve Usage Fee rip-off that pushed him over the edge.
------------------------------- merged -------------------------------


Thats because Egg are incompetant. I have a PPI claim fully adjuicated and for the past 5 months it has been the FOS trying to chase Egg to comply. Its maddening. The FOS say that Egg departments are not communicating with another.

Amex are no better - they wont abide by their rules either.
It is just another way to delay.

Matty

[pompeyfaith]

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

Soapybubbles,

This is the latest Annual Review of complaints released on the 18th Sept 11.

Does make interesting reading

http://www.financial-ombudsman.org.u...r11/index.html

[EXC]

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



PPI Broker Wimslow Financial Services Falls Into Administration

The Payment Protection Insurance broker Wilmslow Financial Services has fallen into administration have becoming overwhelmed with the number of PPI claims. The parent company of an insurance broker primarily sold ppi and in the wake of the ppi mis-selling scandal, it struggled to deal with the accumulated ppi complaints so much so that it has collapsed.

The firm has sunk into administration after a court ruling ordered lending institutions to compensate its customers for mis-selling the controversial loan. Wilmslow appeared to not be able to cope with the record number of claims from borrowers who had taken a loan out with them the year previously.

The company formerly operated a loan broking business known as Freedom Finance. Despite selling off the loan business last year, the firm still couldn’t manage the influx of PPI complaints.

Insolvency firm MCR are now handling the aftermath with Phil Duffy and Sarah Bell from the Manchester branch names as administrators.

The Financial Services Compensation Scheme (FSCS) is aware that Wilmslow Financial Services Ltd have been put into administration and has said that they are investigating how they can help those who have lost money through their dealings with the company. It may be possible for customers from the firm to receive 90% of any eligible claim in compensation.


Real Business Recovery PPI Broker Wilmslow Financial Services Falls Into Administration

[mosten]

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

They are all still dragging their heals on this...

Nearly 4 weeks since they decided not to appeal and still not one bank really has sent out the landslide of offers we were expecting
...

If they pay out straight away their image is repaired a little and they don't end up paying 8% extra for another 2 or 3 months they drag it out for...

Would hate to be the guy/gal trying to speak to clients in the bank from now on regarding any insurance..

" excuse me sir, are you interested in any insurance blah blah blah "

[pompeyfaith]

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

Mosten,

One good thing to come out of all of this is we will never be so gullible again and will always read all the terms and conditions however long that takes.

And that is a massive saving in its self.

[LouieJ]

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

It is a farce. The FSA need to act aswell. Its like they feel they have done their job and thats it.

FSA : Hey Mr Bank, deal with complaints our way. But do it in your own time, we dont mind :doh:

[EXC]

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

Nearly 4 weeks since they decided not to appeal and still not one bank really has sent out the landslide of offers we were expecting

I for one was never expecting an avalanche of settlements on the conclusion of the Judicial Review. Rightly or wrongly (well, wrongly) PPI complaints have been on hold for 7 months and the backlog must be enormous bearing in mind that the FOS alone have been getting 5000 complaints a week. Regardless of the rights and wrongs of not processing complaints pending the JR, even the most committed and efficient bank will need months to work through the backlog of complaints. NatWest is quoted as saying it'll take at least a year to resolve.

Let's face it we all thought the Judicial Review would take at least until the end of the year to run it's course.

I'd be confident that the FSA will be applying maximum pressure on the banks to process claims as quickly as possible. Although the December 1st 2010 deadline for the implementation of the Policy Statement would have undoubtedly been pushed back by the Judicial Review, the FSA always had a strict monitoring schedule written into it:

Firms will need to be able to provide us with ongoing evidence about the robustness
of their PPI complaint handling processes, the extent to which our provisions have
been successfully embedded, and their success in generating fair and compliant
assessments of (and where appropriate redress for) PPI complaints, and fair and
clear communications with PPI complainants. As we noted in CP10/6, we are likely
to seek assurance on these aspects through requests for information, including (but
not limited to):

• samples of the firm’s PPI complaint files;

• details of its governance structures, internal procedures and guidance, and
quality assurance in place for PPI complaint handling (including e.g. any
checklists or questionnaires used by the firm’s staff when assessing PPI
complaints and, where appropriate, calculating redress);

• papers and minutes from its senior management meetings discussing the handling
of PPI complaints; and

• detailed information supplied to its senior management on PPI complaint
handling operations and quality (e.g. about the firm’s complaint volumes, the
nature of its responses and the proportion it is upholding or rejecting, the
redress it is paying out, and its experience at the FOS and the lessons it has
learned from this).

More specifically, and in terms of timelines, we anticipate that our monitoring of PPI
complaint handling will run along the following lines:

Stage 1 (Q3 2010): we will very shortly ask (as we flagged in CP10/6 p80) the
28 firms who have been reporting PPI data to us over the last three years to start
providing more granular standardised information on PPI complaints to help us
assess their compliance with our new Handbook provisions.

Stage 2 (Q4 2010): we will write to several firms (selected on a risk/impact basis)
asking them for a detailed self-report on what steps they are taking to prepare for
implementing the Handbook provisions (which we will then assess and, where
appropriate, challenge).

Stage 3 (Q1 − Q3 2011): we will carry out (and/or potentially ask skilled persons
to report on) detailed and intensive reviews (likely to include significant samples of
recent PPI complaint files and responses) of the PPI complaint handling of several
firms (selected on a risk/impact basis, including in terms of their self-reporting in
Stage 2 and our other data and intelligence about them).

We will also undertake a staged approach to monitoring the robustness of firms’
root cause analysis of PPI (see also paragraphs 2.18–2.20), but we will run this work
one quarter year behind the complaint-focused work, that is:

Early Q1 2011: we will write to several firms (selected on a risk/impact basis)
asking them for a detailed self-report on what root cause analysis they have done,
the results of this, and what steps they are planning as a result concerning changing
sales practices going forward and/or treating non-complainants fairly.

Q2 − Q4 2011: we will carry out (and/or potentially ask skilled persons to report on)
detailed and intensive reviews of the approach to root cause analysis of several firms
(again selected on a risk/impact basis) and, in particular, their consideration of, and
where appropriate the scope and fairness of, their own initiative actions towards noncomplainants,
and the effectiveness of these actions in giving relevant non-complainants
redress or proper opportunity to obtain it.

Meanwhile, we will also be monitoring the progress of the past business reviews we
have already agreed (and of any others that we find to be necessary in due course as
a result of our ongoing targeted sales assessment work).

In all these areas, where we find a firm cannot demonstrate it is delivering fair
outcomes, it can expect tough action from us, including potential referral for
further investigation and potentially enforcement action where appropriate, and
steps to ensure it revisits all complaints and/or sales that it has failed to assess
and address fairly.

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

[flossie]

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

I won my case against MBNA and they sent me a letter stating they would clear my account and send me a cheque for balance within 28 days. I received the balance cheque 2 weeks ago but they have not paid anything into my account. During a call last week to them they insisted they had paid the full amount to me by cheque. Still nothing in the post and still remaining account balance. Do they know what they are doing?

[mosten]

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

Thanks EXC for that..

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

The section in appendix 2 of that handbook is fascinating , how they should work out the ppi redress etc .. never realised it was done that way..

Wonder if there are any spreadsheets available on line to calculate my redress if I ever get it to double check how they arrived at their figures..

Bet if people ever checked the offers via this document, they would find that bank have settled incorrectly...