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

[Amethyst]

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

not a whisper I'm afraid - will have an update tmw lunch, but not heard a thing from today..yet.

[di30]

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

Don't know if any of you are members on facebook, but not much said really, will keep a check in the meantime though, but looking forward to tomorrow lunch time on here when more details posted up, cheers Ame.

http://www.facebook.com/#!/#!/search...96555311979238

And about the PPI Scandal in the last 3 decades here;

http://www.telegraph.co.uk/finance/p...e-decades.html

[leclerc]

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

How to punish bankers for the PPI protection racket Telegraph Blogs
The response by a CMC is quite interesting here
"What we are noticing is that the banks have realised that only 4% of customers appeal after the bank have refused their claim. So now they have taken the step of refusing to pay out on all claims with the excuse that they are awaiting the outcome of the FSA BBA Judicial review currently being held.

Currently hundreds of thousands of claims are in limbo awaiting the outcome of this action. Despite direction from their regulator the FSA the banks are refusing to settle claims. It is almost certain whatever the outcome of the current judicial review the verdict will be immediately appealed thus providing the banks with an excuse to delay settlement a further 18 months.
This serves a number of purposes
1. It ensures only those who persevere will have their claim settled
2. It removes a lot of money from claims management companies which prevents them from advertising for business and alerting the public of their ability to make a claim
3. It pushes the expense of settling these actions into later years
4. It will undermine claims from earlier years as the banks pass statutory limits for retaining records required to process the claims
This is a very cynical ploy by the bankers and they should be penalised for it"

[Class Act]

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

I thought i would give my views on the JR and if the BBA won against both the FOS/FSA and i say IF, as we still dont really know how this will play out.

If the BBA win a judgement which rules that they made a fair, full and compliant disclosure of price and exclusions/limitation by mailing it to the customer in a durable medium then this would in my opinion would knock out alot of complaints. The open letter to the firms from the FSA stated that an oral disclosure was also required which i believe the FSA were using as a Principle. ICOB only required i believe a written disclosure.

If the BBA win on that aspect that the systemic questions of mis selling could fall away and i believe this is what they are after, as no letters etc would need to be sent out.

It also may not just go back to pre PS 10/12 on complaints either, as the FOS guidance on their website would also be removed as they were seen to use Principles in their decision making. It may well be that alot of the complaints were upheld prior to this on the disclosure opinion above etc.

[Angry Cat]

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

http://www.telegraph.co.uk/finance/p...e-decades.html

I, like many other consumers have followed the "scandal", step by step from the begining.

All eyes and ears, are now firmly focused on the 'Judges'.

And, whether they will take the FULL view of a matter that is in the British Public's Interest!

The British electorate, could take the PPI scandal to the EU if, the judgement is deemed to be unfair: CRD. As well as other well laid down Insurance Codes of Practice:
ABI;
GISC.

The BBA (Bank's/Financial Institutions) are attempting to walk across thin glass...

[captains wife]

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

http://www.telegraph.co.uk/finance/p...e-decades.html

I, like many other consumers have followed the "scandal", step by step from the begining.

All eyes and ears, are now firmly focused on the 'Judges'.

And, whether they will take the FULL view of a matter that is in the British Public's Interest!

The British electorate, could take the PPI scandal to the EU if, the judgement is deemed to be unfair: CRD. As well as other well laid down Insurance Codes of Practice:
ABI;
GISC.

The BBA (Bank's/Financial Institutions) are attempting to walk across thin glass...

A point well made BUT if I might have the audacity to remind you of how the banks played it in the matter of Bank Charges would you really be surprised if they took the reigns on this issue and got away with it again?

Here's the view of the bloke who is now in a position to do something about it:

BANK PENALTY CHARGES
30.11.2009

Cable, Vincent
That this House notes the judgement of the Supreme Court that banks and building societies were legally entitled to charge penalty fees for unauthorised overdrafts; further notes that the Supreme Court conclusion was not a judgement on the fairness of such charges; condemns the disproportionate penalty charges levied on customers by banks and building societies; welcomes the Office of Fair Trading's assessment that such charges are unfair; urges the Office of Fair Trading to continue to pursue this issue using the other powers available to it; calls on the British Bankers' Association to amend the Banking Code to make explicit the industry's principles on service charges; further calls on the Government to review existing pricing structures; and further calls on banks and building societies to voluntarily refund unfair and disproportionate penalty charges.

Now he is in a position to sort things out what happens?

BTW vinny please don’t jeopardise your chance to retire onto the board of a major clearing bank just to keep your promise as a politician to the electorate?

Bankers bonus's all round - that'll teach them !

[Chip Tuesday]

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

Morning all

Lets hope we hear some good news about the state of play today

CT

[leclerc]

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

To Captain's Wife: They were never penalties before the case and the penalty argument was thrown out at the first occasion.

If you guys get the opportunity to watch this program from earlier this morning I would. It's about the working of the Supreme Court. Bank charges are mentions about 35 minutes into this program. Lord Phillips and Lady Hale are involved in the program.
BBC iPlayer - The Highest Court in the Land: Justice Makers

[The Debt Star]

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

Does anyone think that if the decision goes against the banks that dozens of insurers will be forced to go bust and/or lay off their staff etc? Or is that just brinkmanship on the part of the BBA?

[Chip Tuesday]

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

found a few people on twitter this morning who are watching the jr today, so I'll kepp eveyone updated as soon as we hear anything

CT

[ncf355]

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

Nice one CT

[leclerc]

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

I believe Tom Brennan is there for LB as well. I suspect we will find quite a lot of people there because today is the last day of the hearing so there might be a decision at the end of the day.

[Paul210]

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

Does anyone think that if the decision goes against the banks that dozens of insurers will be forced to go bust and/or lay off their staff etc? Or is that just brinkmanship on the part of the BBA?

Dont think will be a major issue for the insurers as the liability is with the banks as the selling agent (broker), the only possible hit for insurers would be the loss of the produce but given single premium ppi sales no longer used I assume theyve already moved onto other products by now.

[The Debt Star]

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

Dont think will be a major issue for the insurers as the liability is with the banks as the selling agent (broker), the only possible hit for insurers would be the loss of the produce but given single premium ppi sales no longer used I assume theyve already moved onto other products by now.

Thanks, it was just that I understand Lord Panick had made that point, that it would hit the insurers, and, the establishment being the establishment, might well consider wider public interest issues like the economy etc, rather than the injustices of mis-sold PPI as such. If you know what i mean, although I'm not expressing it very well...

[Angry Cat]

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

A point well made BUT if I might have the audacity to remind you of how the banks played it in the matter of Bank Charges would you really be surprised if they took the reigns on this issue and got away with it again?

Here's the view of the bloke who is now in a position to do something about it:

BANK PENALTY CHARGES
30.11.2009

Cable, Vincent
That this House notes the judgement of the Supreme Court that banks and building societies were legally entitled to charge penalty fees for unauthorised overdrafts; further notes that the Supreme Court conclusion was not a judgement on the fairness of such charges; condemns the disproportionate penalty charges levied on customers by banks and building societies; welcomes the Office of Fair Trading's assessment that such charges are unfair; urges the Office of Fair Trading to continue to pursue this issue using the other powers available to it; calls on the British Bankers' Association to amend the Banking Code to make explicit the industry's principles on service charges; further calls on the Government to review existing pricing structures; and further calls on banks and building societies to voluntarily refund unfair and disproportionate penalty charges.

Now he is in a position to sort things out what happens?

BTW vinny please don’t jeopardise your chance to retire onto the board of a major clearing bank just to keep your promise as a politician to the electorate?

Bankers bonus's all round - that'll teach them !

http://www.dailymail.co.uk/news/arti....html?ITO=1490

Always bear in mind though, that the Gov. want to keep the banks sweet...
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Thanks, it was just that I understand Lord Panick had made that point, that it would hit the insurers, and, the establishment being the establishment, might well consider wider public interest issues like the economy etc, rather than the injustices of mis-sold PPI as such. If you know what i mean, although I'm not expressing it very well...

Yes he did (lord Pannick) make that point and you may well right. The economy may well take precedent over consumer rights.
But in this case, it shouldn't!