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

[Amethyst]

Re: Lloyds puts PPI claims on hold in defiance of regulator

lol, yes he is, and yes he's on top of things.

[EXC]

Re: Lloyds puts PPI claims on hold in defiance of regulator

It looks like Tom got it right when the JR news broke on Friday:

''Why am I not surprised?

The tactic of a long-drawn out legal battle, even if unsuccessful, will be used by the banks to delay any payments being made. I bet any amount of money that they refuse to make any PPI payments during the judicial review process.''

[marshallka]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Marshallka,

Perhaps someone should email him on MSE.

Perhaps someone did yesterday lol...x

[pompeyfaith]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Exc,

I hope not, if that is the case it looks like my complaint will be ongoing until the middle of next year.

And if that is the case I will expect the stat interest to be paid up to date of payment.

PF
------------------------------- merged -------------------------------
BTW I tried phoning my bank this afternoon but could not get through was left on hold for 45 mins.

Had to give up as I had an appointment, Im free all day tomorrow though so will stay on the phone until someone answers.

Will take it in turns with my wife to hold the receiver as I guess they will be busy tomorrow the poor sols.

PF

[pompeyfaith]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Dire Straits – Why Worry?

[di30]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Not sure if they will email back tomorrow or so, but I have sent an email to Lloyds anyway lol, even though we know the score with them at this time, but see what they have to say anyway.

I imagine they are currently bombarded with emails as well as phone calls, they will be wishing they did not have a block on the complaints lol.

[pompeyfaith]

Re: Lloyds puts PPI claims on hold in defiance of regulator

indeed it will just compound matters

[leclerc]

Re: Lloyds puts PPI claims on hold in defiance of regulator

One minor point to say is that when the inevitable waiver comes(cos the regulator seems to lose its teeth in big matters) there will be NO PROVISION for hardship. The issue at stake is about the rules in which cases are judged by so whilst they may not payout NOW they will once the rules under which they assess cases are clarified judicially and this might mean that payments are sped up for some and that payments are not made to others.

[EXC]

Re: Lloyds puts PPI claims on hold in defiance of regulator

The FSA are saying (through their MoneyMadeClear website) that if you are told that PPI complaints are on hold pending the Judicial Review, you can take your complaint directly to the Financial Ombudsman.


Complaints

The Financial Services Authority (FSA), the UK's financial services regulator, has proposed a package of measures to reform the PPI market and protect consumers. The package will ensure customers are treated better when buying PPI and more fairly when complaining about it. Firms have to put these measures in place by 1 December 2010.

Some banks have challenged these new rules in court. The court is considering the arguments and may not reach a decision for some months. In the meantime, firms should go on assessing and answering PPI complaints.

If a firm tells you that it won’t give you an answer to your PPI complaint until after the court case, then you can take your complaint directly to the Financial Ombudsman Service for a decision if you don’t want to wait for the firm’s future answer.

The Financial Ombudsman Service’s work deciding complaints is going on as normal and has not been affected by the court case.


Payment protection insurance: CFEB Moneymadeclear products explained

[Amethyst]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Lloyds press officers are all in a big meeting at the moment so I suspect a press release is imminent.

[EXC]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Well the Lloyds statement has apparently appeared in the Times now - so it must be official!

Insurance Times - Lloyds freezes PPI complaints

And Angie's on now Player

[Amethyst]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Spoke to Toby Parker FSA - No waiver has been applied for and Lloyds have not notifiied the FSA they are holding complaints. They are aware of the story in the Times. They are waiting for details of exactly how and what Lloyds are expecting to stop dealing with claims, and whether they are trying to use other regs/legislation to hold claims other than DISP regs (DISP is complaints handling regs in the FSA Handbook).

So they cant comment until they have more info as to Lloyds intentions, and as I said before Lloyds Press peeps are in a meeting so details should be come out soon.

[EXC]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Excellent, nice one Ame

[di30]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Yeah nice one Ame!

Am back and forth at the mo, back later, not received any emails from customer service/Lloyds up to now, see what happens further in the day.

[marshallka]

Re: Lloyds puts PPI claims on hold in defiance of regulator

Brilliant Amethyst. Will be watching this space then