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

[Class Act]

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

more regarding my earlier post re post number 1956

http://www.independent.co.uk/news/bu...e-2241339.html

Nobody seems to quote or know the impact on the Banks if they WIN the JR!!! It all seems to be on if they lose, which brings me back to the fact that if they win will there be any impact on them at all????

Reading these comments and other alike it would appear there wont be!!

[EXC]

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

According to the FOS Board minutes for December - just published - some large financial firms are refusing to give the FOS ''any information at all'' about individual PPI cases.

The FOS are due to set the level of the increase to the compulsory jurisdictional levy to fund it's shortfall in PPI case fee revenue this month, but are hoping that the outcome of the JR will be known before deciding on a figure.

http://www.financial-ombudsman.org.u...utes-dec10.pdf

[ncf355]

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

This is beyond ridiculous, why have FOS not taken action? (beyond a "really" scary letter)

Tail wagging the dog ?

[EXC]

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

This is beyond ridiculous, why have FOS not taken action? (beyond a "really" scary letter)

Because ''Parliament did not give the ombudsman enforcement powers''.

But it did give them to the FSA:

''We can pass information to the FSA and the OFT about any business they regulate or license that fails to co-operate with us. The FSA can – and does – take action against firms it regulates that refuse to do what the ombudsman has requested.''

http://www.financial-ombudsman.org.u...l_decision.pdf

[cappo]

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

Because ''Parliament did not give the ombudsman enforcement powers''.

But it did give them to the FSA:

''We can pass information to the FSA and the OFT about any business they regulate or license that fails to co-operate with us. The FSA can – and does – take action against firms it regulates that refuse to do what the ombudsman has requested.''

http://www.financial-ombudsman.org.u...l_decision.pdf

your ahead of me exc i was then going to ask the same question why does the fsa not revoke a license or two thats the only way the banks are going to come into line, the banks are making a mockery of the fos the regulator and the consumer.

[EXC]

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

A bank would never have it's banking or consumer credit license revoked as it would cause a run on the bank.

The best we can hope for is that the FSA keep the promise of enforcement action for non-compliance that they made in January.

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

[ncf355]

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

Think weve more chance of he'll freezing over than a revoke, I'm not going all conspiracy but I'm sure FSA etc could have done more to force them to process cases whilst the JR is ongoing

[alisi]

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

"A bank would never have it's banking or consumer credit license revoked as it would cause a run on the bank."

Again, being held to ransom by the banks. They always win.

[leclerc]

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

Think weve more chance of he'll freezing over than a revoke, I'm not going all conspiracy but I'm sure FSA etc could have done more to force them to process cases whilst the JR is ongoing

I think they could do more but no doubt the mechanisms for doing so take that long that the JR result would be known by the time they did and therefore waste considerable time and money which would be better spent elsewhere.

[ncf355]

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

I think they could do more but no doubt the mechanisms for doing so take that long that the JR result would be known by the time they did and therefore waste considerable time and money which would be better spent elsewhere.

I can see that point of view Nat, but that depends on how long the JR takes - if it goes in the FSA/FOS' favour in a few weeks and by some miracle isnt challenged beyond that, fine

If hwoever it goes through several appeals and the banks hold the current attitude right to the end of the process then it would no doubt be better to get whatever process is required kicked off sooner rather than later (though obviously this could be happening right now without our knowledge)

Further, we alreay know FOS is fast running out of cash for the claims processing due to the banks not paying up - how long will that situation be tolerated?

I dont really see there should be any long, drawn out process required when the FSA have issued a letter stating the banks must continue to process claims and they are quite clearly (in writing and telephone messages/conversations) stating they intend to ignore that order?

FSA have clear evidence, so why cant they act?

[leclerc]

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

Banks should process claims but the BBA view is different to that viewpoint, ie process to conclusion and payout only cases that are outside of the JR process.

[pompeyfaith]

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

So any claims that where started pre December 2010 are outside of the JR process because they started before the rules came in which the BBA is challenging or at the very least before October 2010 which is when the claim was lodged in court.

There are many consumer claims that pre date those times which are not being progressed

[leclerc]

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

So any claims that where started pre December 2010 are outside of the JR process because they started before the rules came in which the BBA is challenging or at the very least before October 2010 which is when the claim was lodged in court.

There are many consumer claims that pre date those times which are not being progressed

no that's not correct. It's not he date that the claim starts that is the issue since the challenge was October 2010, but whether the rules that are being challenged are during the term of that claim which is not 2010.

BBA factsheet

"I have lodged a mis-selling complaint with my bank. What will happen to this complaint?
The BBA's members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If your complaint will be impacted by the judicial review, and cannot be resolved at this point, your bank will write to inform you.
Customers should be assured that all complaints will be reviewed - even those delayed by this judicial review process"

[pompeyfaith]

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

But how can the rules that are being challenged be in a claim if those rules were not brought in until December 2010.

Are you saying that these rules will apply to previous sales and if so how far back will those rules go.

[Angry Cat]

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

http://www.towersperrin.com/tp/getwe...2002042906.pdf

For the benefit of those who wish to know:

RE: MBNA 2001 PPI

ASSOCIATION OF BRITISH INSURERS' CODE OF PRACTICE

This insurance has been arranged by the Bank (MBNA) as Our agent for whom We accept responsibility.
The Bank (MBNA) has undertaken to comply with the Association of British Insurers' Code of Practice for the Selling of General Insurance. A copy of the Code of Practice is (was) availbale for inspection on request."

ADMINISTRATION

Norwich Union Life & Pensions Limited has agreed that London & Edinburgh Insurance Company Limited may administer this insurance on its behalf.(issue date: 2001)

Note that MBNA later changed their PPI insurer to, St Andrews Insurance in 2004:
http://www.competition-commission.or...mmary_mbna.pdf