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

[EXC]

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

It's clear from the the media coverage of both Lloyds & Barclays withdrawal of support for the BBA's appeal is a result of an arrangement with the FSA - it's been mentioned several times.

I think that any bank which doesn't disassociate itself with any appeal before the BBA decide whether to appeal or not will pay a heavy price for not doing so.

In my view those banks will be spared any fines for not implementing the measures in the Policy Statement in December as they should have. I don't think those banks will be spared the ''tough action'' the FSA promised to take on banks who erroneously suspended complaints that weren't directly related to the outcome of the Judicial Review.

This was made very clear in the FSA's letter to Trade Associations:

''We have since become aware that some firms are placing on hold nearly all of their PPI complaints, citing the Judicial Review as cause. We have also read with concern, statements made by some Trade Associations indicating that in their view, the measures contained in PS10/12 are not relevant whilst the Judicial Review is ongoing''.

http://www.fsa.gov.uk/pages/consumer...ppi_letter.pdf

Oddly enough about 6 weeks prior to the publication of the letter, an internal BBA member's document - a weekly summary of banking and finance coverage in the media - mysteriously found it's way into my inbox (attached) and which stated that the FSA Policy Statement ''........didn’t matter much given most [complaints] were on hold''.

The document was duly forwarded the FSA's Whistleblower department for which a grateful response was received.

[cappo]

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

the big question is what are we all going to talk about when this is all over lol

[pompeyfaith]

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

http://www.guardian.co.uk/business/2...-authority-fsa

[pompeyfaith]

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

If Barclay's do throw in the towel, that is almost certainly the end as the Barclay's chairman is also chairman of the BBA.

Honestly cannot see this going to appeal, banks are not stupid (although we may think different lol) they know an appeal is a worthless exercise that will cost them dearly and as I said before when Lloyds pulled out the rest will fall like a pack of cards and that is what we are seeing.

Lets not forget the banks are under extreme pressure from the Media, Goverment, Charities, Forums, to make the right call and that is what we are seeing

[SoapyBubbles]

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

Its not looking as strong as assumed previously. ( not that it was strong in the first place).

And the BBA as we also assumed are waiting until last minute. Luck is not on their side this time I'm afraid.....LOL

I think it was EXC that also said any appeal would be based on it's legal merits, so any banks that pull out of appeal would be irrelevant. Food for thought I guess.

[di30]

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

Its not looking as strong as assumed previously. ( not that it was strong in the first place).

And the BBA as we also assumed are waiting until last minute. Luck is not on their side this time I'm afraid.....LOL

[SoapyBubbles]

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

Surely if two out of the big four banks withdraw from the legal action, it's game over?

I think it was EXC that said the BBA would struggle to justify an appeal for less than 50% of their members.

Where would this leave the BBA if two out of the big four banks still wanted to push on with an appeal?

[cappo]

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

all these cases that will be reassessed are they all old ones or cases that have also recently been rejected (pre judicial review)

[igglepiggle]

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

If Barclays gives up then does that mean Egg will crack too, since they were recently acquired by Barclays? Or is it likely they'll make an independent decision? Your thoughts?

[di30]

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

So it definately looks as if Barclays are pulling out.

I know I posted some info earlier, I have came across another link with this news.
HSBS and The Royal Bank of Scotland are also put under pressure.

http://www.pressassociation.com/comp...s-publications

Barclays 'to abandon PPI battle'

Barclays is set to follow its rival Lloyds Banking Group and abandon its legal fight over the mis-selling of payment protection insurance, it has been reported.

The group is expected to announce this week that it will not appeal a High Court decision on the issue, paving the way for thousands of customers who were mis-sold the policies to receive compensation, according to the Sunday Telegraph newspaper.

[SoapyBubbles]

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

Exclusive: Barclays To Disclose £1.1bn PPI Provision | barclays | lloyds_banking_group | royal_bank_of_scotland | Kleinman | Sky News Blogs


Loving the last 2 paragraphs! My heart bleeds!

[cappo]

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

a little bit of news re rbs, it,s nothing we did,nt know but may make interesting reading (sorry ac did,nt realise you already posted this here this morning)

http://www.telegraph.co.uk/finance/n...went-bust.html

[pompeyfaith]

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

Soapy,

It was widely missold and not just by the banks just about every business model sold it, credit cards, store cards, every finance house, anything on credit from retail, catalogues.

[SoapyBubbles]

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

The BBA claims on their website to 'speak for over 200 member banks from 60 countries on the full range of UK and international banking issues.'

If this is true, how many of those member banks could of been involved in the misselling of PPI?

Even if Lloyds and (now hopefully) Barclays withdraw from the legal action, could there still be quite a few banks wanting to pursue and exhaust every avenue available to them?

[pompeyfaith]

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

Exc,

Reading those common failings it would seem that 99% of policies where missold.

For instance how many people are advised as to whether the sale is advised or non advised.

How many people are told it is optional

How many people are told that the policy would attract interest

How many people where told that the term of the loan exceeded the term of the policy or visa virsa

Plus many others.

Furthermore most of those common failings relate to ICOB and not ICOBS so loads of complaints should never have been put on hold as they did not effect the outcome of the JR

That is a very good Doc and should be read and used in conjunction with letters of complaint/claim