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

[Turboman]

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

http://forums.moneysavingexpert.com/...0#post38547600

[leclerc]

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

http://forums.moneysavingexpert.com/...0#post38547600

We're talking on cross wires here. I was talking about the other forum where the JR statement on Friday issue was. Am not sure which post HERE states that which is where I was seeking clarity.

Why doesn't someone ask the FSA if they are making a statement about PPI cases on Friday?

[cardinals]

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

Brace yourselves for some disturbing news. Im going to have to check my sources source. Im close to tears at the moment.

Would you care to expand on this?

Thanks

[Chip Tuesday]

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

What exactly is it that everyone's getting in a flap about - has anything deatailed/official/meaningful actually been said or is it just a bit of panic around what may or may not be said on Friday...

I might be getting in a bit confused, but is this not just a bit of a fuss about nothing (at the moment)?

CT

[EXC]

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

What exactly is it that everyone's getting in a flap about - has anything deatailed/official/meaningful actually been said or is it just a bit of panic around what may or may not be said on Friday...

I might be getting in a bit confused, but is this not just a bit of a fuss about nothing (at the moment)?

CT

Yes.

Given the choice between believing the unsourced claim from an anonymous soul on an internet forum (that has subsequently been withdrawn) that it won't be the FSA & BBA in court and the court's own belief that it will, I'll plump for the Court's version.

[Avatar]

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

What exactly is it that everyone's getting in a flap about - has anything deatailed/official/meaningful actually been said or is it just a bit of panic around what may or may not be said on Friday...

I might be getting in a bit confused, but is this not just a bit of a fuss about nothing (at the moment)?

CT

Good observation CT. We all know the banks have people reading these forums - that's not a conspiracy theory, it's business sense, and if I were running a bank, I'd expect my staff to be monitoring these forums and, if I were of the cynical / unscrupulous ilk, I'd ask them (or possibly an external agent so it's not easily traceable back to my bank) to sow a bit of panic here, a bit of misinformation there, take the discussion way off topic etc etc. As Tesco say, Every Little Helps, and if it helps towards reducing a potential £10 bn compensation bill then no stone will be left unturned. If you can afford to pay a PPI complaints programme consultant the equivalent of £250k pa, then a tenth of that buys you some very resourceful, media savvy professional help.

[pompeyfaith]

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

I suggest in future if there is no link to any source of information it is to be taken with a pinch of salt.

Scare mungering is not going to help anyone.

[leclerc]

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

The FSA have confirmed to me that there are no announcements scheduled for Friday.

[leclerc]

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

To quote:

"We have no PPI related announcements scheduled for Friday."

[EXC]

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

Thanks for clearing that one up Nat.

The FSA have just published a speech made to a motor finance convention last week that doesn't indicate any change in their intention to contest the Judicial Review - emphasis supplied.


Payment Protection Insurance
As you will no doubt be aware, we have conducted a lot of work in the area of PPI and the aim of this work has been to protect consumers and ensure they are treated fairly.

We understand that many of you feel the issues with the PPI market lie elsewhere. I can assure you that we are taking action to address these issues and improve standards.

We have engaged with firms and trade bodies and produced a new set of complaints handling measures that we expect firms to put in place. We have also published common point-of-sales failings so firms can identify both good and poor practice and take proactive action to avoid them.

Since we took over the regulation of PPI we’ve carried out 24 investigations and three reviews, issued warnings, halted the selling of single premium PPI with unsecured personal loans, visited over 200 firms, and handed out some very significant fines.

Our aim is always to work with firms and help them treat their customer’s fairly. As I’ve said I will outline later some of the help and assistance we have available for you.

But, where firms will not engage with us and will not treat their customers fairly, we will take action. Thus far we have taken action against 24 firms for PPI failings and issued fines totalling £24m and some of the firms we took action against were motor retailers.
If you are involved in PPI sales, you should take note of the following common failings that we have identified:

• leading customers to believe payment protection policy had to be taken in order to secure the loan or telling them that taking out the policy would improve their prospects of securing the loan;
• making sales without customer’s explicit agreement to purchase a payment protection policy;
• failing to provide customers with the written documents as required under the FSA’s rules, such as a policy summary, statement of price or statement of demands and needs and failing to stress to the customer the importance of reading the material; and
• failing to outline any exclusions or limitations which are relevant to the customer.

Our focus at present is on PPI complaints. To give you some idea of the scale of the issue we are trying to address, there have been more than a million complaints made to firms about PPI over the past five years. In 2009/2010 alone, customers referred 49,196 complaints to the Financial Ombudsman Service which then upheld nine out of ten in the complainant’s favour.

We have published new Handbook guidance that outlines how firms should deal with complaints.

We expect firms to take action by 1 December to ensure these measures are implemented. All this information can be found on our website and you should have a look and familiarise yourself with this material if you have not done so already, in case you need to make changes within your own business.

I’ve personally been to many motor dealers over the past five years, and may have even visited some of you in the room today. I have seen the common failings I’ve mentioned but record keeping is a key area where your sector needs to improve. claims management companies often rely on firms keeping inadequate records when pursuing cases, so it is in your best interests to ensure your records are up to date.

I have a final few words on the subject of PPI before I move on. You may be aware that the British Bankers’ Association has launched a judicial review of our complaints-handling measures. We are vigorously contesting the review and firms are expected to continue handling complaints while this process is ongoing.

Claims management companies
Having spoken at length about PPI, I think this might be a good time to address the issue of claims management companies. We are aware that claims management companies are advertising widely and that this is an increasing source of complaints for your firms, espescially those selling PPI.

Regardless of whether a complaint has come from a claims management company or another source, you should take it seriously. The complaint should be investigated in the usual way. You should collect all the relevant information, assess it and reach a fair and balanced conclusion. The ombudsman service will not look favourably at a complaint bought to its attention by a claims management company that was not investaged properly by your firm in the first place.

That said, however, we are aware that the ombudsman service has received large numbers of what it considers to be inadequate claims from claims management companies. The ombudsman service has writen to a number of these companies specifying the information that is required before it will process a claim.

There is action you can take if you have concerns about a claims management company. These organisations are regulated by the Minsitry of Justice, so you can check they hold the necessary authorisation and report any practices that you think are suspect.

Regulating the Motor Market

[EXC]

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

Interesting briefing paper by law firm Freshfields (who are involved in the JR) about s404 which the FSA has decided not to apply in it's new requirements on PPI complaints and how the FSA's alternative approach could in fact be more stringent.


http://www.freshfields.com/publicati...ov10/29228.pdf

[pompeyfaith]

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

Furthermore I also recieved an email from the FSA yesterday it was to confirm the updates to the FSA handbook on PPI due for implimentation on the 1st Dec

[Chip Tuesday]

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

I'm very interested to see whether any of the banks supporting the JR have actually made efforts to implement the PS10/12 measures, and I'me even more interested to see whether anti-JR banks like Santander have implemented anything!

[Angry Cat]

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

My view, is that members should NOT listen to unfounded rumours and;
all will be revealed, in due course.

[EXC]

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

Financial Services Consumer Panel (who advise the FSA) submission to Independent Commission on Banking http://www.fs-cp.org.uk/publications/pdf/icb_issues.pdf

''In the last five years more than a million complaints have been made to firms (not just banks) about PPI, yet the latest action from the British Banker's Association is to launch a Judicial Review of the FSA's policy on complaints handling procedures, while some banks, such as Lloyds Banking Group, unilaterally and without an FSA rule waiver, have decided to halt complaints handling procedures altogether where they believe the outcome of the review might have some bearing''

''In addition we have a further hiatus on banks addressing some PPI complaints following the Judicial Review application by the BBA and action by Lloyds Banking Group and others''

''.......this lends credence to suggestions that some banks are manipulating the reporting requirements to minimise the number of complaints recorded or are not recording complaints at all.''