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Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......
UPDATE: 9th May 2011 - for Latest visit the latest posts on this thread.
BBA NOT APPEALING - PPI CLAIMS NOT ON HOLD -
DO NOT USE A CLAIMS MANAGEMENT COMPANY - IF YOU WERE MISSOLD YOUR PPI CONTACT YOUR LENDER DIRECTLY.
Official BBA Statement this morning.
Copies of official Judicial Review paperwork - Bba/Banks v FSA/FOS - Legal Beagles Consumer Forum - OFFICAL JR documents here
Lloyds puts PPI claims on hold in defiance of regulator:
As from MSE news update........
http://www.moneysavingexpert.com/new...m_campaign=box
Government-backed Lloyds Banking Group is defying regulatory guidelines by putting all payment protection insurance (PPI) complaints on hold.
The UK's largest bank, which includes Lloyds TSB, Bank of Scotland and Halifax, now faces a backlash from the Financial Services Authority (FSA) and its own trade body.
Lloyds's move follows last Friday's announcement by the British Bankers' Association (BBA) to seek a judicial review to stop the regulator, the FSA, forcing lenders to review millions of PPI sales.
The FSA's demands would lead to mass compensation for up to three million mis-selling victims, which could top £2 billion (see the PPI Reclaiming guide).
It stated on Friday that banks must continue to handle complaints until the legal process ends. The banks' trade body, the BBA, adds that banks cannot choose which complaints go on hold.
Lloyds could yet be joined by fellow rebels. Barclays says it is reviewing its PPI complaints handling processes. HSBC says it will continue to handle complaints but is "liaising with the FSA on how to handle complaints".
Santander says it will continue to hear PPI complaints, while Royal Bank of Scotland's press office was unable to confirm its policy in time for publication (please return on Tuesday morning for an update).
Banks and other lenders have been mis-selling PPI, designed to cover loan and credit card payments if you cannot work, on a massive scale for years. In the last five years, there have been more than a million complaints made to firms about PPI.
Defiance
A Lloyds spokeswoman says: "We will stand by any settlements that have already been made to customers. The court case will not affect those offers.
"However, while the court is considering the issues raised by the BBA, any PPI sales-related complaints will be on hold until further notice. This decision was taken in full consultation with the BBA."
That statement is in defiance of the FSA's stance.
The regulator said on Friday: "In the interests of consumers, firms will be expected to continue handling complaints while this process is ongoing."
It is understood the FSA could take action against banks that don't follow those guidelines.
Meanwhile, a BBA spokeswoman says: "The only people who can put complaints on hold are the FSA, the Ombudsman or the courts."
Bank charges claims were put on hold in July 2007 pending the result of the historic case into overdraft fees, which banks won.
But that action was permitted by the FSA, the Ombudsman and the courts.
What can consumers do?
The Financial Ombudsman Service, the independent arbitrator, is still hearing complaints. You must normally complain to your bank and wait until a firm rejection or if the issue has not been resolved within eight weeks, before involving the Ombudsman.
It says in this case it will treat a hold as a trigger to allow it to investigate.
A whopping 81% of consumers who complain to the Ombudsman on PPI win their case. Yet only an average of 5% of rejected complainants, across all product sectors, take their case to the arbitrator.
MoneySavingExpert.com comment
Martin Lewis, MoneySavingExpert.com creator, says: "This is an outrage. The bank charges reclaiming hold was ordered by the courts and agreed with by the FSA – this is something quite different.
"This type of action is like a black-hatted cowboy riding into town, whooping and yelling, and pretending they're untouchable. It's time for the FSA to polish up its sheriff's badge, kick in its spurs and shoot them down.
"We know 81% of people who go to the Ombudsman with PPI complaints win. We know there has been systemic mis-selling.
"What we need to see now, after the charade of the bank charges technicality, is the institutions of state provide real justice for the millions who've been mis-sold billions worth of PPI.
"This must be sorted urgently. The FSA needs to check its rule book to see what else can be done. In extremes, it should arrange that customers bypass their own banks and simply complain direct to the Ombudsman.
"It would be quite staggering if it were held to ransom."
BBA NOT APPEALING - PPI CLAIMS NOT ON HOLD -
DO NOT USE A CLAIMS MANAGEMENT COMPANY - IF YOU WERE MISSOLD YOUR PPI CONTACT YOUR LENDER DIRECTLY.
Official BBA Statement this morning.
"The BBA on behalf of its members judicially reviewed the FSA and the FOS regarding the retrospective elements in the proposed FSA rules for handling PPI complaints. The judgement was handed down on 20 April 2011 and found in favour of FSA and the FOS. The BBA was given until 10 May 2011 to appeal. "In the interest of providing certainty for their customers, the banks and the BBA have decided that they do not intend to appeal.
"We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities."
Complaints handling guidance
If you feel you have grounds for complaint you should contact your bank directly. There is no need to use a complaints management company.
"We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities."
Complaints handling guidance
If you feel you have grounds for complaint you should contact your bank directly. There is no need to use a complaints management company.
Copies of official Judicial Review paperwork - Bba/Banks v FSA/FOS - Legal Beagles Consumer Forum - OFFICAL JR documents here
Originally posted by cardinals
View Post
Lloyds puts PPI claims on hold in defiance of regulator:
As from MSE news update........
http://www.moneysavingexpert.com/new...m_campaign=box
Government-backed Lloyds Banking Group is defying regulatory guidelines by putting all payment protection insurance (PPI) complaints on hold.
The UK's largest bank, which includes Lloyds TSB, Bank of Scotland and Halifax, now faces a backlash from the Financial Services Authority (FSA) and its own trade body.
Lloyds's move follows last Friday's announcement by the British Bankers' Association (BBA) to seek a judicial review to stop the regulator, the FSA, forcing lenders to review millions of PPI sales.
The FSA's demands would lead to mass compensation for up to three million mis-selling victims, which could top £2 billion (see the PPI Reclaiming guide).
It stated on Friday that banks must continue to handle complaints until the legal process ends. The banks' trade body, the BBA, adds that banks cannot choose which complaints go on hold.
Lloyds could yet be joined by fellow rebels. Barclays says it is reviewing its PPI complaints handling processes. HSBC says it will continue to handle complaints but is "liaising with the FSA on how to handle complaints".
Santander says it will continue to hear PPI complaints, while Royal Bank of Scotland's press office was unable to confirm its policy in time for publication (please return on Tuesday morning for an update).
Banks and other lenders have been mis-selling PPI, designed to cover loan and credit card payments if you cannot work, on a massive scale for years. In the last five years, there have been more than a million complaints made to firms about PPI.
Defiance
A Lloyds spokeswoman says: "We will stand by any settlements that have already been made to customers. The court case will not affect those offers.
"However, while the court is considering the issues raised by the BBA, any PPI sales-related complaints will be on hold until further notice. This decision was taken in full consultation with the BBA."
That statement is in defiance of the FSA's stance.
The regulator said on Friday: "In the interests of consumers, firms will be expected to continue handling complaints while this process is ongoing."
It is understood the FSA could take action against banks that don't follow those guidelines.
Meanwhile, a BBA spokeswoman says: "The only people who can put complaints on hold are the FSA, the Ombudsman or the courts."
Bank charges claims were put on hold in July 2007 pending the result of the historic case into overdraft fees, which banks won.
But that action was permitted by the FSA, the Ombudsman and the courts.
What can consumers do?
The Financial Ombudsman Service, the independent arbitrator, is still hearing complaints. You must normally complain to your bank and wait until a firm rejection or if the issue has not been resolved within eight weeks, before involving the Ombudsman.
It says in this case it will treat a hold as a trigger to allow it to investigate.
A whopping 81% of consumers who complain to the Ombudsman on PPI win their case. Yet only an average of 5% of rejected complainants, across all product sectors, take their case to the arbitrator.
MoneySavingExpert.com comment
Martin Lewis, MoneySavingExpert.com creator, says: "This is an outrage. The bank charges reclaiming hold was ordered by the courts and agreed with by the FSA – this is something quite different.
"This type of action is like a black-hatted cowboy riding into town, whooping and yelling, and pretending they're untouchable. It's time for the FSA to polish up its sheriff's badge, kick in its spurs and shoot them down.
"We know 81% of people who go to the Ombudsman with PPI complaints win. We know there has been systemic mis-selling.
"What we need to see now, after the charade of the bank charges technicality, is the institutions of state provide real justice for the millions who've been mis-sold billions worth of PPI.
"This must be sorted urgently. The FSA needs to check its rule book to see what else can be done. In extremes, it should arrange that customers bypass their own banks and simply complain direct to the Ombudsman.
"It would be quite staggering if it were held to ransom."
Comment