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

[EXC]

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

Letter from the FOS this morning adjudicating in my favour in 3x PPI claims against Egg. Egg accepts the FOS adjudication. Approx £2K in value, all relating to a consolidated credit card, loan and carry-over of PPI to the consol loan. VICTORY AGAINST EGG.

Nice one DS.

I think it's worth mentioning that there has been at least 3 posts on MSE in the recent past where Egg have upheld PPI complaints but are awaiting the outcome of the Judicial Review in order that they can ''calculate'' the redress (unbelievable, I know) judicial review update?? - MoneySavingExpert.com Forums

I'm not sure if any were through the FOS but it might be wise not to count your chickens just yet, if you know what I mean.

[Angry Cat]

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

"Mr Justice Ouseley gave little away during the course of the hearing making it difficult to predict the likely outcome. He also gave no indication as to when his reserved judgment could be expected, although the general consensus was that Easter would be a realistic deadline. That said, whatever the outcome, an appeal seems almost inevitable and may proceed all the way through to the Supreme Court. If so, the ultimate winning party may not be declared until late 2012. How the FSA will deal with any firms operating a complaints handling freeze in the meantime remains to be seen."

As expected.

[MBD23]

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

If so, the ultimate winning party may not be declared until late 2012.

[NLP]

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

If so, the ultimate winning party may not be declared until late 2012.

You almost sound surprised?
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The FOS surprise me... they take a fee of circa £500 for every case reffered to them by CMC/joe public

Now most are being put off sending the case to them as the waiting time is now well over 12 months... maybe closer to 18-24 months.

The FOS have a monopoly on these cases once the lender has given a final rejection, give or take a small percentage that will be processed through litigation.

So why are they not taking on a plethora of new staff... and getting those timelines right down?

Anybody in the public domain who owned a business like the FOS would have grown at an exponential rate over the past 6 months... so why have they not?

[EXC]

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

Anybody in the public domain who owned a business like the FOS would have grown at an exponential rate over the past 6 months... so why have they not?

Doh! Because they're neither a business or owned by anyone in the public domain.

[Angry Cat]

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

Name & Registered Office:
FINANCIAL OMBUDSMAN SERVICE LIMITED
SOUTH QUAY PLAZA
183 MARSH WALL
LONDON
E14 9SR
Company No. 03725015


Status: Active
Date of Incorporation: 26/02/1999

Country of Origin: United Kingdom
Company Type: PRI/LTD BY GUAR/NSC (Private, limited by guarantee, no share capital)
Nature of Business (SIC(03)):
9305 - Other service activities
Accounting Reference Date: 31/03
Last Accounts Made Up To: 31/03/2010 (FULL)
Next Accounts Due: 31/12/2011
Last Return Made Up To: 26/02/2010
Next Return Due: 26/03/2011
Previous Names:Date of changePrevious Name06/12/1999FINANCIAL SERVICES OMBUDSMAN SCHEME LIMITED

[MEGLOS]

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

If so, the ultimate winning party may not be declared until late 2012.

lol just in time for the end of the Mayan calendar and armageddon those pesky banks get off the hook every time

[leclerc]

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

You almost sound surprised?
------------------------------- merged -------------------------------
The FOS surprise me... they take a fee of circa £500 for every case reffered to them by CMC/joe public
£500.00 for a personal current account complaint and £1000.00 for a business account related case.
Now most are being put off sending the case to them as the waiting time is now well over 12 months... maybe closer to 18-24 months.

The FOS have a monopoly on these cases once the lender has given a final rejection, give or take a small percentage that will be processed through litigation.

So why are they not taking on a plethora of new staff... and getting those timelines right down?

Anybody in the public domain who owned a business like the FOS would have grown at an exponential rate over the past 6 months... so why have they not?

You almost sound surprised?
------------------------------- merged -------------------------------
The FOS surprise me... they take a fee of circa £500 for every case reffered to them by CMC/joe public

Now most are being put off sending the case to them as the waiting time is now well over 12 months... maybe closer to 18-24 months.

The FOS have a monopoly on these cases once the lender has given a final rejection, give or take a small percentage that will be processed through litigation.

So why are they not taking on a plethora of new staff... and getting those timelines right down?

Anybody in the public domain who owned a business like the FOS would have grown at an exponential rate over the past 6 months... so why have they not?

I would add that timescales will vary widely depending on the paperwork submitted, the response of the financial provider and the answer given. The main focus of their initial approach is their customer contact centre.
http://www.financial-ombudsman.org.u.../received.html

See the above for the 2010 review(the 2011 review is due out later this year).

However, they also faced the banks' themselves as being the cause since they obstructed consumers from receiving a final response
http://news.bbc.co.uk/1/hi/business/8647097.stm

RBS Group have already been fined this year £2.8 million over the poor complaints handling processes.

[Angry Cat]

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

http://www.guardian.co.uk/money/2011...dling-failures

[EXC]

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

The Financial Ombudsman Service is a not-for-profit public body set up by Parliament. It has no owner(s) by virtue of it having no share capital.

Being registered as a company does not mean it's a business.

[NLP]

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

The Financial Ombudsman Service is a not-for-profit public body set up by Parliament. It has no owner(s) by virtue of it having no share capital.

Being registered as a company does not mean it's a business.

a not for profit body... this is a charity right?

have you got the regd charity number by chance?

i presume they do not make a profit???

[Angry Cat]

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

The Financial Ombudsman Service is a not-for-profit public body set up by Parliament. It has no owner(s) by virtue of it having no share capital.

Being registered as a company does not mean it's a business.

Thus my post #1581:beagle:

[leclerc]

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

a not for profit body... this is a charity right?

have you got the regd charity number by chance?

i presume they do not make a profit???

Charities can be not for profit but not necessarily the only type of organisation that is an NPO.(Edited cos that sentence made no sense otherwise)
Nonprofit organization - Wikipedia, the free encyclopedia

See above for a definition which explains what they do with any profits.

[EXC]

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

a not for profit body... this is a charity right?

have you got the regd charity number by chance?

i presume they do not make a profit???

''We carry out statutory functions on a non-commercial, not-for-profit basis.''

official documents underpinning the about theFinancial Ombudsman Service

[NLP]

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

Charities can be not for profit but not necessarily one.
Nonprofit organization - Wikipedia, the free encyclopedia

See above for a definition which explains what they do with any profits.

so are the FOS a regd charity?
------------------------------- merged -------------------------------

''We carry out statutory functions on a non-commercial, not-for-profit basis.''

official documents underpinning the about theFinancial Ombudsman Service

of course.

lol.