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

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

    Originally posted by leclerc View Post
    I am assuming the banks will take a very liberal view on this bit ie they'll state that the timescale will be 6 months after the date of them giving up the ghost, so to speak. It's worth asking the question, I guess to the FSA perhaps.
    I've sent an FoI.


    The implementation of the Root Cause Analysis requirements for firms in the Policy Statement 10/12 was to have commenced in mid Q1 2011, giving firms time to initially prioritise their efforts to the fair handling of PPI complaints.

    The monitoring time table of the Root Cause Analysis requirements in the Policy Statement 10/12 was as follows:

    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,
    andwhere appropriate the scope and fairness of, their own initiative actions towards
    non-complainants, and the effectiveness of these actions in giving relevant non-complainants
    redress or proper opportunity to obtain it.


    1) Given that the Judicial Review proceedings effectively delayed firms' implementation of the PS 10/12, what is the revised implementation date for the Root Cause Analysis requirements?

    2) As priority has been given to the fair handling of complaints, is there a separate, later implementation date for Root Cause Analysis for the firms that were granted an extension to dealing with complaints beyond the standard 8 week period?

    3) What is the revised time table for the monitoring of the Root Cause Analysis requirements?

    4) To date how many firms’ if any, have either initiated customer contact exercises under the Root Cause Analysis requirements of PS10/12 (as distinct from past business reviews already agreed) or have indicated an intention to do so. Please note I am not asking for any firm specific data.

    Comment


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

      Lloyds tops bank complaints list - Legal Beagles Consumer Forum

      But it was reported recently that some banks were in danger of missing the 31 August deadline imposed by the FSA for clearing their backlog of PPI mis-selling complaints.

      Consumer groups said the ombudsman's figures were strong evidence of the banks' inability to treat PPI complaints fairly.

      Oliver Morgans, financial services expert at Consumer Focus, said: "There has been a massive surge in complaints about this issue with some banks showing a totally unacceptable uphold rate. Even the seemingly better performers appear to be unnecessarily stringing out complaints, challenging decisions and denying consumers compensation.

      "The banks should be ashamed at their continuing failure to tackle the PPI issue. Following the court case we expect the next set of FOS figures to show PPI complaints are being dealt with properly by banks without consumers needing to contact the ombudsman.
      Which? executive director Richard Lloyd agreed:"These numbers show that some banks are still not dealing with PPI complaints fairly. If the next round of complaints data doesn't show a dramatic improvement then the FSA must take tough enforcement action against banks whose complaints handling isn't up to scratch."

      A spokesperson from Lloyds said: "Overall we have made progress in the vast majority of complaint categories, reducing both the number of complaints being referred to the FOS and decreasing the number of decisions being overturned.

      "However the increase in PPI complaints is consistent across the industry. It is clear we have more work to do and we expect our progress in the first half of 2011 to continue into the second half of the year."

      It recently emerged that the ombudsman service is so overwhelmed by consumer complaints that many cases are now taking between 18 months and two years to be resolved.

      Comment


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

        by enaid:
        It recently emerged that the ombudsman service is so overwhelmed by consumer complaints that many cases are now taking between 18 months and two years to be resolved.
        No change then!
        Many cases in 2005/6 were taking between 18 months and two years to be resolved...

        Comment


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

          Originally posted by ncf355 View Post
          ...a payment of £13.66 PPI premium from May 2002 resulted in £1.30(ish) interest payment, this on a card bearing 16% APR...
          Just catching up - I know this one's a bit stale, ncf, but I needed to comment. Without seeing your spready, I suspect that the £1.30(ish) interest payment was the portion of account interest charged in that particular month, which was attributable to the PPI. What you should see in later months is that this should increase, because the amount of PPI contained within the balance owing accumulates over time. The 'apportioned' account interest also becomes a part of this equation, so it does accumulate over time.

          This 'apportionment' can eventually reach 100% of the balance owing, and in such cases, ALL account interest is reclaimable, and further compensatory interest may be claimed - usually at the Statutory rate of 8% simple.
          Originally posted by ncf355
          ...the banks have to consider proactively (HOW wet??!!) contacting customers that have not complained, where they have identified a systematic issue (for instance calls made to sell PPI for a certain credit card between certain dates ?)
          ............
          "(2) consider whether it is fair and reasonable for the firm to undertake
          proactively a redress or remediation exercise, which may include
          contacting customers who have not complained"
          [my emphases in red]
          As you imply - and EXC has also observed - the wording is very vague and non-committal, isn't it ? The ONLY obligation there is for the banks to "consider" - which I am sure they will confirm they have done in every argued case. There is no stipulation that such consideration should be given with any due diligence - nor that it should take more than a micro-second of anyone's time. I guess all we really have to fall back on is what is "fair and reasonable" - and that's another discussion, and another delay.

          Comment


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

            Originally posted by Bill-K View Post
            As you imply - and EXC has also observed - the wording is very vague and non-committal, isn't it ? The ONLY obligation there is for the banks to "consider" - which I am sure they will confirm they have done in every argued case. There is no stipulation that such consideration should be given with any due diligence - nor that it should take more than a micro-second of anyone's time. I guess all we really have to fall back on is what is "fair and reasonable" - and that's another discussion, and another delay.
            It's very wooly isn't it?

            Though I must say that the Policy Statement does talk tough about the monitoring and non-compliance of it. And although it gives a couple of examples of where RCA should be applied it's just not clear enough.

            I would hope that the FSA would impose heavy fines for non-compliance - as well as forcing offenders to comply.

            In fact Alliance & Leicester had a PPI mis-selling fine significantly reduced because they undertook a Root Cause Analysis exercise which even included previously rejected complaints.

            ''A&L has committed to implement a substantial and comprehensive customer contact programme, overseen by third party accountants, to ensure that its customers are not disadvantaged. As part of this, the firm will be writing to all customers who took out policies by telephone in conjunction with an unsecured loan during the Relevant Period. It will also review any relevant complaints or rejected claims. The firm has committed to pay redress where appropriate. The FSA considers that the substantial remedial changes to which the firm has committed are significant steps in demonstrating the firm's commitment to complying with its regulatory obligations and treating its customers fairly. The customer contact package proposed by the firm has been taken into account by the FSA and has significantly reduced the level of penalty which would otherwise have been imposed.''

            http://www.fsa.gov.uk/pubs/final/alliance_leicester.pdf

            Comment


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

              To be honest, none of this surprises me. Maybe I have.become a cynic about the banking.industry and the "regulators". In addition to which, politicians don't seem to care.

              The banks will do everything they can to procrastinate and minimise or avoid payouts. Then there will be the next mis-selling scandal.
              Thanks!

              Debtisbad

              Comment


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

                With regard to 'talking tough' - it seems to me that the FSA puts its' teeth in to make such 'tough' pronouncements, but then puts them back in the Steradent jar when they've finished !!! It's no good just 'talking the talk...'
                Good to see A&L making an effort, though, EXC.
                Originally posted by debtisbad View Post
                To be honest, none of this surprises me. Maybe I have.become a cynic about the banking.industry and the "regulators". In addition to which, politicians don't seem to care.
                You are not alone, of course, DIB.
                The banks will do everything they can to procrastinate and minimise or avoid payouts. Then there will be the next mis-selling scandal.
                I believe M. Leclerc has suggested that 'packaged accounts' might be a contender for the next 'vogue.'

                Comment


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

                  Originally posted by Bill-K View Post
                  I believe M. Leclerc has suggested that 'packaged accounts' might be a contender for the next 'vogue.'

                  The FSA are looking at the sale of packaged accounts and will be issuing a consultation paper this Autumn.

                  The issue with packaged accounts is that the reality is they are not selling a current account but insurance policies - the sale of which should be sold and regulated as such.

                  ''On packaged accounts, we are undertaking some conduct risk outcomes testing work in order to inform our view of issues around the sale of these products. Where packaged accounts involve an insurance component, firms will already need to consider our existing requirements covering the sale of insurance products (whether the sales are advised or not).''

                  FAQs

                  Comment


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

                    Originally posted by EXC View Post
                    The FSA are looking at the sale of packaged accounts and will be issuing a consultation paper this Autumn.

                    The issue with packaged accounts is that the reality is they are not selling a current account but insurance policies - the sale of which should be sold and regulated as such.

                    ''On packaged accounts, we are undertaking some conduct risk outcomes testing work in order to inform our view of issues around the sale of these products. Where packaged accounts involve an insurance component, firms will already need to consider our existing requirements covering the sale of insurance products (whether the sales are advised or not).''

                    FAQs
                    so it should, three times when I have phoned telephone bank and twice in branch Nat West have tried to get us to "up grade" to one of theres despite us saying "no thank You" they reckon it will "save" us money ! !
                    Never give up, Never surrender.

                    Comment


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

                      Originally posted by dogtired View Post
                      so it should, three times when I have phoned telephone bank and twice in branch Nat West have tried to get us to "up grade" to one of theres despite us saying "no thank You" they reckon it will "save" us money ! !
                      With NatWest workers they pay nothing for them so if its free then yes it will save you money but if you pay anything from £8 to £20+ then it may not save most of their customers money......
                      "Family means that no one gets forgotten or left behind"
                      (quote from David Ogden Stiers)

                      Comment


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

                        Do not work for them, just a currant account, "upgrade" any thing from £6 to £15 a month. Have a small overdraft but currently, for once in the black!
                        Never give up, Never surrender.

                        Comment


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

                          Originally posted by leclerc View Post
                          With NatWest workers they pay nothing for them so if its free then yes it will save THEM money but if you pay anything from £8 to £20+ then it may not save most of their customers money......
                          Apologies for the typo on my analogy.
                          "Family means that no one gets forgotten or left behind"
                          (quote from David Ogden Stiers)

                          Comment


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

                            Thats ok I knew what you meant!
                            Never give up, Never surrender.

                            Comment


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

                              My cousin has now had her letter from Lloyds on her PP claimI. It was a business loan and and it was a condition of the loan she had to take the PPI policy. Her complaint has now been upheld and they have offered the full premium back (which was taken in one hit) + 8% interest.

                              Is this correct or should she be asking for compounded interest?

                              Comment


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

                                The Financial Ombudsman Service is to due to come under the jurisdiction on the Freedom of Information on 1 November.

                                The BBA aren't happy and have sent the following warning to it's members:

                                Freedom of Information & the Financial Ombudsman Service
                                The Ministry of Justice has laid a draft order before Parliament to bring the Financial Ombudsman Service (FOS) under the jurisdiction of the Freedom of Information Act (FOIA). This will have serious implications for members’ dealings with FOS and, potentially, the FSA. The order will have retroactive effect in relation to information already held by FOS. There is a substantial risk of disclosure of information regarding your business, whether provided to FOS by you, by third parties or created by FOS.

                                Comment

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