Tweet
Re: Latest updates on PPI Judicial Review and claims on hold
Nice one Class Act.
The letter confirms that the FSA are on the case when it comes to the blanket holds on complaints pending the JR and that they will take ''tough enforcement action'' on firms that don't comply.
And it's good that the FSA have spelt out the types complaints that should be dealt with (ie most of them) which should be useful to complainants.
I note that the FSA states in the letter that ''We have also read with concern, that statements made by some trade associations indicating that in their view, the measures contained in PS10/12 are not relevant while the Judicial Review is going on''.
Who could have tipped the FSA off about that, I wonder?
I write in connection with the BBA's Judicial Review action against the FSA & FOS and in particular the issue of banks' non compliance in implementing the Policy Statement (10/12), the subject of the challenge.
Attached is an internal BBA document in which it is stated that it's member's refusal to implement the requirements in the Policy Statement ''...didn't matter much given most [PPI complaints] were on hold...''.
Clearly this demonstrates a careless and cavalier disregard for the FSA's authority and complainants and confirms that ''most'' complaints have been suspended pending the litigation, contrary to what the BBA have said publicly.
I hope this may help the FSA in consideration of any potential enforcement action.
Yours faithfully
Mr XXX
----- Original Message -----
From: Whistle FSA
To: XXX
Sent: Monday, December 06, 2010 12:44 PM
Subject: RE: BBA
Thank you for your email of 3 December; the contents of which have been noted and passed to the relevant department for further consideration.
Please note that the Financial Services and Markets Act 2000, from which we have gained our powers, prevents us from disclosing the nature of our enquiries with individual firms and whether any regulatory action has been taken arising from a particular complaint. Accordingly, I am unable to provide any feedback on how we have followed up the information you have given us.
Thank you for taking the time to bring your concerns to our attention.
Yours sincerely Margaret Pell
Associate, FSA Whistleblower
Enforcement and Financial Crime Division
Financial Services Authority
25 The North Colonnade
Canary Wharf
London, E14 5HS
+44 (0)20 7066 9200
Originally posted by Class Act
View Post
The letter confirms that the FSA are on the case when it comes to the blanket holds on complaints pending the JR and that they will take ''tough enforcement action'' on firms that don't comply.
And it's good that the FSA have spelt out the types complaints that should be dealt with (ie most of them) which should be useful to complainants.
I note that the FSA states in the letter that ''We have also read with concern, that statements made by some trade associations indicating that in their view, the measures contained in PS10/12 are not relevant while the Judicial Review is going on''.
Who could have tipped the FSA off about that, I wonder?
From: XXX
Sent: 03 December 2010 15:25
To: Whistle
Subject: BBA
Dear Sir/MadamSent: 03 December 2010 15:25
To: Whistle
Subject: BBA
I write in connection with the BBA's Judicial Review action against the FSA & FOS and in particular the issue of banks' non compliance in implementing the Policy Statement (10/12), the subject of the challenge.
Attached is an internal BBA document in which it is stated that it's member's refusal to implement the requirements in the Policy Statement ''...didn't matter much given most [PPI complaints] were on hold...''.
Clearly this demonstrates a careless and cavalier disregard for the FSA's authority and complainants and confirms that ''most'' complaints have been suspended pending the litigation, contrary to what the BBA have said publicly.
I hope this may help the FSA in consideration of any potential enforcement action.
Yours faithfully
Mr XXX
----- Original Message -----
From: Whistle FSA
To: XXX
Sent: Monday, December 06, 2010 12:44 PM
Subject: RE: BBA
Dear Mr XXX
Thank you for your email of 3 December; the contents of which have been noted and passed to the relevant department for further consideration.
Please note that the Financial Services and Markets Act 2000, from which we have gained our powers, prevents us from disclosing the nature of our enquiries with individual firms and whether any regulatory action has been taken arising from a particular complaint. Accordingly, I am unable to provide any feedback on how we have followed up the information you have given us.
Thank you for taking the time to bring your concerns to our attention.
Yours sincerely
Associate, FSA Whistleblower
Enforcement and Financial Crime Division
Financial Services Authority
25 The North Colonnade
Canary Wharf
London, E14 5HS
+44 (0)20 7066 9200
Comment