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

[Amethyst]

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

Indeed, massive thanks to Tom and EXC for giving up their time to attend. Volunteers welcome for tomorrow - I think the FSA and FOS will be much more interesting and things will move a bit more rapidly from now on.

[di30]

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

Yes of course, a BIG thanks to TOM & EXC for their own time as well, we all appreciate it big time, thank you.

[Amethyst]

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

okay what section we talking about on FMSA ? 404 is Schemes for reviewing past business Financial Services and Markets Act 2000 ?? Consult is section 8 ( Financial Services and Markets Act 2000 )

Schedule 17 is Financial Services and Markets Act 2000 ref the Ombudsman part

[Amethyst]

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

Last bit for today.....


FSA last thing the error the BBA are making on one very basic principle, the BBA are saying the change to disp creates a cause of action for consumers where none existed under original rules, however that is a mistake to draw an analogy between a cause of action in court on one hand and a complaint by a customer on the other. It is important because 'what is a complaint' (see para 1.1 DISP) ''a written or oral expression of disatisfaction with a financial service product whether that complaint is reasonable or unreasonable...

Resolution of the complaint isnt just about financial redress but can be a replacement/change/apology which is a far cry froma cause of action in court.

a breach of disp can be the basis of a customer complaint even if it does not give rise to cause action. Also a breach of disp does not create a cause of action in court - FSMA.

The reason the FSA bought out the guidances are because 90% being overturned - FOS so trying to alleviate the burden by telling the banks how to deal with the complaints, but the banks concerned that the letter not just dealing with complaints but need to make their own investigations and root cause analysis and make redress even if the customer hasn't complained.



Judge asked about timing FSA finished by end of tmw, FOS should be done midday Friday, banks then sum up - Nemo not sure if they get to speak or not.... end of Friday the judge will give indication if and when might be able to give judgment - case has been expedited so judgement should be.

Judge asked what would happen to firms if they didn't follow guidance - the BBA replied they'd just write to them and tell them off (lol) and poss take action under FSMA. A JR is basically '' if I'm going to quash decision it has to make a difference.'' and BBA couldnt really show it would make a difference whether they win or lose this JR lol.


This bit wasnt in court so is just me/Tom saying it.

FOS is good for consumers (over court) as they allowed to take into account things which can't be taken into account in court, and they are free (unless you use a CMC to submit the form for you (sorry CMC guys), can award interest and have a fab uphold rate for consumers.

[Chip Tuesday]

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

Which? podcast has a summary of the judicial review and PPI in general.

http://www.which.co.uk/podcasts/money/2011/01/26/

There is also a lot of stuff about petrol prices and the postcode lottery for the elderly... just wade through it!

PPI starts at 1min, finishes at 5.55

CT

[Chip Tuesday]

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

Isn't this still the hearing stage?! It seems bizarre to me that the JR proper is happening in what is the permission stage.

CT

[Paul210]

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

okay what section we talking about on FMSA ? 404 is Schemes for reviewing past business Financial Services and Markets Act 2000 ?? Consult is section 8 ( Financial Services and Markets Act 2000 )

Schedule 17 is Financial Services and Markets Act 2000 ref the Ombudsman part

Might also want to look at s.64 which allows for issue of statements of principle, in particular s.64(8) which seems to say failure to comply with a statement of principle does not give rise to a right of action and also s.64(9)stating a person cant be held responsible for breach of a principle if they can show that the principle wasnt published at the time.

[Amethyst]

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

Think I mentioned yesterday that the application stage covers most of what the next stage will be so next stage would basically be 'I refer you to my comments yesterday' which seems a bit pointless, so may as well give ruling on whether the JR can go ahead (which if it cant succeed it wont) and then if JR can, he can look at what they have already said and make a decision on that. Thats our theory anyways.

[s14lhp]

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

Based on the what you have seen and provided us with, do you feel the consumer has a case or that the BBA's arguments are strong enough to reject pre 2005 claims

[Amethyst]

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

I don't think it makes any difference to pre 2005 claims.

[ConsumerKrammer]

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

I have been reading about the JR on here for the past few days and I am still no clearer on what the outcome will be

[Class Act]

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

On a side issue but still linked, called L/TSB today about the FSA letter and whether complaints would receive a final decsision. She basically said all cases have been looked at but no decisions will be sent out until the JR has finished.

I said this is not what the FSA has stated in its letter to your (BBA) rep, she said nothing has changed...looks like this letter will just be ignored.

[di30]

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

I have been reading about the JR on here for the past few days and I am still no clearer on what the outcome will be

Hi and welcome to LB

Please feel free to join in.

[ConsumerKrammer]

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

Hi and welcome to LB

Please feel free to join in.

Thankyou

[Amethyst]

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

You and me both.

If the JR succeeds then consumers can still complain about misselling under DISP and ICOB/ICOBS.


These are the bits we keep talking about
Principles FSA Handbook - Full Handbook
ICOB FSA Handbook - Full Handbook
DISP amendments FSA Handbook - Full Handbook
FOS guidance on PPI - online PPI resource
FSA Open Letter - http://www.fsa.gov.uk/pubs/other/tra...ations_ppi.pdf
FSA statement on PPI - http://www.fsa.gov.uk/pubs/press/ppi_statement.pdf