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

[ncf355]

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

The FSA have fined RBS £2.8b for poor complaints handling and made a point of saying that it didn't specifically relate to PPI complaints or, interestingly, ''correspondence to the Ombudsman''.

Let's hope that's the subject of a further fine down the road.

FSA fines RBS and NatWest £2.8m for poor complaint handling

Quite

2.8m?

They probably gained more than that via the interest made on the customers cash they had sitting in their coffers

FSA need to get a bit more serious

[leclerc]

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

Quite

2.8m?

They probably gained more than that via the interest made on the customers cash they had sitting in their coffers

FSA need to get a bit more serious

In comparison with fines on complaint handling, Abbey were last year fined £800, 000 for mortgage endowment complaints.

[EXC]

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

In comparison with fines on complaint handling, Abbey were last year fined £800, 000 for mortgage endowment complaints.

Yes and I think the extra £2m reflects that that the poor complaints handling extends across a range of products. So it is to scale even if the scale itself is small.

I do think that it's significant that they mentioned that the investigation and fine excluded any ''correspondence to the Ombudsman'' though and implies that it is a separate issue.

''This Notice does not concern the complaint handling arrangements within RBS UK Retail for dealing with complaints concerning payment protection insurance, bank charges, correspondence to the Financial Ombudsman Service (FOS) and complaints concerning life insurance, pensions and investments.''

http://www.fsa.gov.uk/pubs/final/rbs_11jan11.pdf

[leclerc]

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

Exc, if you have seen the RBS statement posted on the other thread, it relates to complaints with a timeframe of October 2009 to December 2009.
I have kinda given my own views on that thread but it does not come as a surprise to me whatsoever.

[cardinals]

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

The FSA have fined RBS £2.8b for poor complaints handling and made a point of saying that it didn't specifically relate to PPI complaints or, interestingly, ''correspondence to the Ombudsman''.

Let's hope that's the subject of a further fine down the road.

FSA fines RBS and NatWest £2.8m for poor complaint handling

Interesting timing with the JR coming up fast. Note that the fine relates to breaches of Principles as well as Rules - a key area for discussion in the JR. Perhaps some 'tactics' coming into play from the FSA?

[Chip Tuesday]

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

Cardinals, that's exactly what I was thinking. It seems to be sending a strong pre-litigation message that the FSA is confident in their powers and isn't affraid of taking regualtory action on misbehaving banks (so banks then...).

Lets just hope that the message starts to sink in. I'll be interested to know if RBS are going to cough up quickly or moan about there being court action.

CT

[leclerc]

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

Cardinals, that's exactly what I was thinking. It seems to be sending a strong pre-litigation message that the FSA is confident in their powers and isn't affraid of taking regualtory action on misbehaving banks (so banks then...).

Lets just hope that the message starts to sink in. I'll be interested to know if RBS are going to cough up quickly or moan about there being court action.

CT

Royal Bk Scot.Grp.: RBS Agrees Settlement with FS | Company Announcements | Telegraph

Let's see......nope

[EXC]

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

Interesting timing with the JR coming up fast. Note that the fine relates to breaches of Principles as well as Rules - a key area for discussion in the JR. Perhaps some 'tactics' coming into play from the FSA?

That fact that RBS happily coughed up the fine for breaching the principles doesn't quite chime with the basis of the JR claim that the principles are not rules and breaching them is unenforceable does it?

[Chip Tuesday]

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

This is exactly right. The banks are symultaneuosly supporting the FSA's right to enforce the Princlples in this way by complying with such fines, while actively denying that the FSA even have the right to do so. The banks really need to sort their heads out. The thing that really gets me is that the customers are completely ignored within this, as in the MSE article, as posted above (EXC post 819), the Banks are happy to withold clients personal money (which they are hoolding owing to missold policies) on the grounds that the JR is getting in the way, but when it comes to some serious regulatory action they behave. What do they think they're doing?!

CT

[EXC]

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

Just to say that the court have said that they won't announce which judge (or judges) will be hearing the case until it's listed the day before on the HMCS site Court Hearings - daily lists - Administrative and Divisional courts

[Chip Tuesday]

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

Is anyone going to be reporting from Court as the JR is happening (us/press etc?)

CT

[The Debt Star]

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

You volunteering Chip?

[EXC]

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

Is anyone going to be reporting from Court as the JR is happening (us/press etc?)

CT

I'll be there for the first day but unfortunately I'm out of town from the next day (already changed my flight from the 25th to 26th when it was listed) but the first day should determine whether the actual claim gets heard. It'll also include all the parties summarising their arguments so it'll be the most interesting of the four days. I doubt they'll be much press coverage beyond day 1.

If anyone else fancies it I'd warmly encourage you to go. If it's anything like the test case it'll be very entertaining. The Royal Courts of Justice is a fabulous place which is worth visiting in itself and is of course completely free of charge.

[EXC]

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

"Since the court challenge by the BBA is likely to take some time to come to a conclusion, the BBA is talking urgently with the FSA and Financial Ombudsman Service about how best to handle complaints during this period. We hope that they will be able to come to an agreed position soon."

Lloyds snubs FSA as it puts PPI claims on hold - Yahoo! UK & Ireland Finance

[Chip Tuesday]

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

You volunteering Chip?

I'd love to be volunteering, but there's no way I could get the time off work

CT