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

[Amethyst]

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.

Doesn't matter at the moment if they refuse to give you a final decision you can go to the FOs after the 8 weeks and their refusal to look at the complaint becomes part of the complaint.

What does this mean for you?

In these cases you can still refer your complaint to the ombudsman service as normal. Here we provide some general questions and answers to help you with the next steps of your complaint.
I have received a letter from my firm telling me it is unable to provide a final response to my PPI complaint, what does this mean?

Firms should register and respond to each complaint within eight weeks of receiving it. If you are sent a holding letter – because a firm has decided it will not provide a final response to your complaint until the outcome of the BBA’s legal challenge is known – you can still refer your claim to the ombudsman service as normal.
The ombudsman service is a free, independent service for settling disputes between financial services firms and their customers. More information on how the ombudsman service is handling complaints can be found here
What information do I need to provide to the ombudsman service?

You should fill out the Ombudsman’s PPI questionnaire as well sending the firm’s response letter and any other evidence relating to your claim.

[Class Act]

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

Hi Ame, you are correct about the 8 weeks and FOS it, however that was not my point.

My point was that the FSA has instructed them how to handle PPI complaints and what they should be doing while the JR is on and L/TSB it appears are refusing/not complying.

I suspect HSBC and Barclays will do the same.

[Chip Tuesday]

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

as long as they aren't punished they'll avoid doing anything for their customers

CT

[mishawest]

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

Hi guys, thoughts please.......................

My background is insurance compliance, not the average cmc employee Im sure you'll agree!!
I do take great pleasure when the firms I speak to have no idea of the Rules / Guidence to which I refer when responding to the generic rejections we recieve. It never fails to amaze me when the call centre monkeys have no idea of the existence of statuary docs required under ICOB/ICOBs never mind the underlying rules of why these docs exist.:tinysmile_hmm_t2:

What now amazes me is that the uphold swing from FOS seems to have fallen in the favour of the institutions now and I am having the same conversation with so called adjudicators!!
Anybody else experiencing this change in the wind direction!?

Just like to say thanks to everyone for their fantastic threads, loving the beagle!!

[Amethyst]

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

Hi Ame, you are correct about the 8 weeks and FOS it, however that was not my point.

My point was that the FSA has instructed them how to handle PPI complaints and what they should be doing while the JR is on and L/TSB it appears are refusing/not complying.

I suspect HSBC and Barclays will do the same.

Ah sorry, usually I'd say report them to the FSA, but I don't think there is much point at present.

[Amethyst]

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

The Lloyds thing today following from the 3500 letters to H'fax custs the other day, Lloyds offers PPI refunds to 230,000 customers

Lloyds stresses in a statement: "This has no relation to the judicial review as we have proactively made the decision to contact these customers to ensure they have a product that is right for them."
Paul Pester, from Lloyds, adds: "We are sorry for the inconvenience this has caused. We know that protecting an income is an important priority for our customers and we take our obligation to provide that cover just as seriously."

I wonder if it has more to do with the prospective fine on failings in complaints handling....we gather they were being investigated alongside RBS (FSA fines RBS and NatWest £2.8m for poor complaint handling ) so may have had to make some undertakings ....but nothings public yet.



Also useful snippet in there re what we were talking about earlier on principles and icobs

The FSA says the validity of the original rulebook by any party is not in dispute and most claims should still be assessed against that.
Its letter states: "While the judicial review is ongoing we expect firms to conduct an initial review of all PPI complaints received.
"Where the complaint can be determined as we set out above [under the 'Insurance Conduct of Business' rules on sales from January 2005-onwards] we expect forms to deal with complaints and not place them on hold.

[mishawest]

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

quarter one this year FSA were discussing implementations made by firms with a view to quarter two taking action on the firms not actioning the new DISP rules on complaints handling irrespective of the JR which may also include enforcement.
Shaking in their boots I hope, might save pennies on the redressal interest but loose millions on lost revenue if permissions are removed!!

[di30]

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

In This Is Money today.......

FSA warn banks over PPI complaints delay

By Tara Evans
26 January 2011

Read more: http://www.thisismoney.co.uk/credit-...#ixzz1CAvhfWX6

http://www.thisismoney.co.uk/credit-...moretopstories


The Financial Services Authority has warned banks not to place complaints about payment protection insurance on hold because of an ongoing Judicial Review challenge to the regulations.


In an open letter to bank bosses, the FSA advises that even though the review in the High Court is ongoing, banks are still expected to process the complaints they receive.


The banks, through the British Bankers' Association (BBA), are challenging an FSA rule changes which means that they must compensate customers if sales of the controversial insurance did not meet strict new selling rules.

The banks are particularly unhappy that the change is being aplied to sales made before the new rules were announced.

Since the BBA began judicial review proceedings in October last year, the FSA believes that some banks have placed on hold 'nearly all' of their PPI complaints, with the review given as the reason for the delay.

Failure to progress complaints, the regulator warned, could represent a breach of responsibilities under the complaints handling rules.

A spokesperson for the FSA told This is Money, 'Only a small number of complaints will be tied up because of the judicial review. The vast majority can still be dealt with and failure to do so could lead to enforcement action.'
Banks have a maximum of 8 weeks to respond to customers under FSA rules regarding a claim for PPI mis-selling. If the issue is not addressed during this time customers can take their complaint to the Financial Ombudsman Service.
PPI is supposed to cover the cost of repayments if a customer becomes ill or unemployed and cannot work. It has been criticised in recent years after a large number of complaints surfaced for mis-selling.
If the Financial Services Authority (FSA) win their ruling over BBA, over three million people could be due refunds for being mis-sold Payment Protection Insurance.

[Grayo]

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

Hello Everyone,

I'm new to the forum but have been watching this thread for a few days now with interest. I would like to say thanks to all the posters who have contributed to this thread.

I had a great suppries this morning when I checked my online LloydsTSB bank account. I put in a claim last September for a PPI on a £20,000 loan I had taken out. Today I received £5,000 back into my account. So to all you people still waiting for your PPI claims please be patient LloydsTSB are still paying out.

This is not the first claim for us, my wife also made a claim last year and received £6,000 back in one claim and £3,000 back in another claim.

Keep going people don't give up. GOOD LUCK

Grayo

[mishawest]

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

excellent news Grayo !!! nice to see some sunshine on here....

[di30]

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

Hello Everyone,

I'm new to the forum but have been watching this thread for a few days now with interest. I would like to say thanks to all the posters who have contributed to this thread.

I had a great suppries this morning when I checked my online LloydsTSB bank account. I put in a claim last September for a PPI on a £20,000 loan I had taken out. Today I received £5,000 back into my account. So to all you people still waiting for your PPI claims please be patient LloydsTSB are still paying out.

This is not the first claim for us, my wife also made a claim last year and received £6,000 back in one claim and £3,000 back in another claim.

Keep going people don't give up. GOOD LUCK

Grayo

Well done and Congratulations Grayo, that is fab news!

[Amethyst]

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

Excellent news Grayo, thank you for sharing it with us

[Angry Cat]

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

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

Absolutely...!

[Angry Cat]

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

The Bank's and Financial Institutions who signed up to the ABI & GISC code(s) of conduct should have been mindful of their obligations re: the selling of, General Insurance!

e.g:
http://www.guardian.co.uk/money/2004...e.jobsandmoney

There are many such examples, some reported and some, not...

If, the BBA (the bank's) succeed with their case against the FSA and the FOS, they will not win at the end of the day...

I say, shame on the Bank's, (with all their 'ill gotten' bonuses) for having the sheer audacity of taking the FSA/FOS to court:
http://www.fsa.gov.uk/pages/Doing/Re...le/index.shtml

[debtisbad]

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

So they argue that it's OK for Citizens to be personally ripped off by banks selling them inappropriate insurance, but it's not OK for the banks to have to pay the money back? Sounds very one sided to me.