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

[Amethyst]

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

Alliance Leicester to pay £7 million fine for PPI failings

2008

cheap car insurance R US is a ridiculous name, almost as bad as Toys R US - they so should have protecte the R US bit lol.

[Chip Tuesday]

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

so it's ooooooooooold! Cheers for the info Ame

CT

[pompeyfaith]

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

Yes, some of these reports are indeed old, but I believe it a good thing to refresh ones memory if to just bring the scale of this rip-off to the forefront

[leclerc]

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

Yes, some of these reports are indeed old, but I believe it a good thing to refresh ones memory if to just bring the scale of this rip-off to the forefront

Dare I say this, it wasn't highlighting the rip but what the regulator was saying to the lenders who refused to process complaints further due to the legal action. Some say the regulator are even more useless.....

[pompeyfaith]

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

Leclerc,

That post was not a stab at you far from it and I for one value you posts on this subject.

I was merely making the point that all news we must carry on posting whether it be old or new because lets not forget there are many consumers that have not read those news articles.

So if it brings a few more up to speed that has to be a good thing.

[leclerc]

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

Leclerc,

That post was not a stab at you far from it and I for one value you posts on this subject.

I was merely making the point that all news we must carry on posting whether it be old or new because lets not forget there are many consumers that have not read those news articles.

So if it brings a few more up to speed that has to be a good thing.

For god's sake, play devil's advocate with me cos we got at least a week or so before any judgement(according to some people) so we can at least have some fun in the meantime

[leclerc]

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

In case you missed this, here's a golden oldie from just over the statute of limitations
BBC NEWS | Business | Mis-selling of insurance exposed
------------------------------- merged -------------------------------
In particular:

"The FSA found there was a serious risk to consumers.
In particular it discovered:

• poor disclosure of product and price details.
• the possibility that consumers may not be eligible to claim against their policies.
• that customers might not be aware they could receive little money back if they cancelled their policies early.

The FSA said advice given on buying PPI was likely to be poor.
Among the reasons were a lack of proper monitoring and training, which meant staff in around half the 30 firms in question were not competent.
But the regulator also pointed out that the use of sales commissions or bonuses to pay employees were encouraging some staff to mis-sell the policies."

[Amethyst]

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

Are we thumb twiddling for the next two weeks then Nats ?

New CCD in force today (if anyone is bored they can get excited reading it) Davey sets out new consumer directive: ePolitix.com Theres a thread about it in IN THE PRESS on here with a few more interesting links on.

[leclerc]

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

Are we thumb twiddling for the next two weeks then Nats ?

New CCD in force today (if anyone is bored they can get excited reading it) Davey sets out new consumer directive: ePolitix.com Theres a thread about it in IN THE PRESS on here with a few more interesting links on.

Just proving a point I don't agree with, ie the FSA are useless and have had concerns for almost the entirety of their time that they were in charge of regulation

[Amethyst]

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

Did you see citywire's slideshow ?

10 financial scandals the FSA could have prevented - Citywire

[MBD23]

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

I really dont see the point in submitting anything to FOS right now, it is highly unlikely the claim would get a decision prior to the end of the judicial review or any appeal , if it did the lender would not accept, will be 12 months+ waiting for an adjuicator making a decision, unless there is a time barring issue such as that with an SMDL ie 6 months to refer, I really dont see the point, its misleading to customers and is basically a big waste of time. You would be better off keeping FOS out of it, waiting until the judicial review is over then chase the lender for a final decision. In fact by going to Fos now they are more likely( certainly then they were 6 months ago) to try and find a reason to kick the claim out

FOS trying to be pretend it is business as usual is clearly not true which they basically admitted it wasnt when said they were 6 months away from running out of money as no decisions beign accepted

[Chip Tuesday]

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

MBD23 equally, what's the harm in trying. All over the place CMCs and individuals are reporting upheld cases from the FOS, so it's still worth a bash.

Good luck

CT

[MBD23]

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

Question , for those with a ppi interest

would you rather
1) the FSA/FOS lost the claim that lenders had to apply new rules and the situation went back to the same as it was before the judicial review was announced no better no worse. and the FSA / FOS do not appeal and certainty returning
or 2) FOS/FSA win the claim , the BBA appeal, and we are back at stalemate for an unknown period of time with the final result still uncertain
------------------------------- merged -------------------------------

MBD23 equally, what's the harm in trying. All over the place CMCs and individuals are reporting upheld cases from the FOS, so it's still worth a bash.

Good luck

CT

Hi Chip, the harm is basically in the waste of time , ie unproductive use of time, especially if you are a CMC dealing with hundreds of complaints. It may also hurt the claim as the lender says once the claim goes to Fos they will not correspond directly and only go through Fos

having said that I have a feeling that once the judicial review is over that Fos will advise all claimants and cmc's that they must now return back to the lender for a final decision.. anything to get less work of their desks

small numbers of Fos claims are winning, but these are claims submitted a while ago, and if the win involves any of the main players they will simply refuse to sign up and accept the judgement

Also as said , more chance now than it used to be in Fos finding a reason to kick out your claim, what it will be like in the future I dont know? but may as well wait and see I think , its not a good time to try and get a positive decision out of FOS
------------------------------- merged -------------------------------
Question , for those with a ppi interest

would you rather
1) the FSA/FOS lost the claim that lenders had to apply new rules and the situation went back to the same as it was before the judicial review was announced no better no worse. and the FSA / FOS do not appeal and certainty returning
or 2) FOS/FSA win the claim , the BBA appeal, and we are back at stalemate for an unknown period of time with the final result still uncertain

Read more at: Latest updates on PPI Judicial Review and claims on hold - Page 51 - Legal Beagles Consumer Forum

[pompeyfaith]

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

You would be better off keeping FOS out of it, waiting until the judicial review is over then chase the lender for a final decision. In fact by going to Fos now they are more likely( certainly then they were 6 months ago) to try and find a reason to kick the claim out

Read more at: Latest updates on PPI Judicial Review and claims on hold - Page 51 - Legal Beagles Consumer Forum

MBD you have stated this in a previous post and I asked you to state you source and/or reasoning

We would all be grateful if you could now please

[Class Act]

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

Hi All

I just wanted to say thankyou for the information provided by you all over recent months. I do own a cmc company - and due to the bad press we sometimes get have been reluctant to post as I have not wanted my comments to be misunderstood in any way. We do not charge up front fees and I feel give a good and fair service to our clients.

That said you guys have really helped me to get information over recent months and as I have been at the JR all week I feel it is only fair to share what I feel I have observed. Please just be aware these are my thoughts so if anyone disagrees I can only apologise.

OK here goes:-



The BBA seemed to centre their case on a couple of points:-

• It is an error of law for FSA to rule that principles give rise to redress ( and therefore for FoS to rely on these principles when looking at complaints)
• It is an error of law for the FSA to not go for treasury approval when asking lenders to offer automatic redress under FSMA

There was much barter backwards and forwards on:-

• Are principles actually rules or not etc
• Are principles actually givinng rise to a complaint. As a complaint can mean many forms of redress the principle is not giving right to redress but the complaint is. (or if the complaint is referred to the FoS the FoS is)
• Was CP 10 in fact new rules or a clarification of exisiting rules and lenders were simply not acting fairly and ignoring ICOB/(s).

It was clear the BBA were not challenging rule breaches in themselves. They accepted they had a problem and as long as a clearly defined ICOB/(s) or GISC rule was broken they could understand the complaint. It seemed to me they do not like mainly the automiatic application of rules to non complainants and full reviews of their book. (That is my interpretation only)

The really interesting part for me was when FoS spoke Thursday afternoon. They stated of 100 000 complaints ruled on in the last two years not one had been upheld due to principles alone. All had been upheld based on rules - they closely linked ICOB /(s) 2 and Principle 7 at this point. What was interesting is that on Friday none of the BBA's guys challenged FoS's appraisal - in fact one even went so far to say - 'we do not challenge the FoS figures quoted - we do not even challenge those complaints upheld by rules - we are challenging the more complicated complaints' . Which again in my opinion proves the banks are putting complaints on hold which should not be and are using this as an excuse.

The BBA then focused on treasury review for a large part of their summing up Friday which again in my opinion says they are looking at stopping the need for them to redress non complainants.

For our part we are seeing offers from all lenders now but that may be because we have always worked on sensible claims and not those which do not show a rule breach. For any lender who is now putting our claims on hold we are asking why and then sending all correspondance to FoS and the FSA.

I hope this helps and as I said this is just my interpretaion of the last few days.

Hi, you have stated in this post about the FOS defence on the Thursday of the review. Can i ask where you got this info from as i have tried to find this and cannot find it anywhere. It suggests that you may have the FOS defence etc etc?

i have heard that alot of complaints could fail (if the BBA win) on the basis of the Oral disclosure of price etc etc, as the FSA were using this (from a Principle) but the ICOB ruling allowed it to be mailed. I believe that prior to the JR this is why alot of complaints were upheld, and upheld very quickly!

If the BBA win a ruling on that point, you can imagine the ripple effect!!