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

[pompeyfaith]

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

http://www.dac.co.uk/documents/resou..._judgment_Wire

The FSA estimate that since 2005 over
£15.6bn of PPI has been sold. On the basis
that 20% of customers who are contacted
respond to the invitation to make a claim for
mis-selling, the FSA estimate that the total
cost of providing redress for PPI mis-selling
will be £3.2bn. This estimate does not
include the cost of providing redress for pre-
2005 PPI sales which we understand make
up a considerable percentage of current
complaints. The BBA's estimate of the cost
of providing redress is £4.5bn.

So pre 2005 claims have got a mention

Sellers of PPI will
need to carefully consider the effects of the
evidential and guidance provisions in the
policy statement regarding the root cause
analysis of the complaints and the extent
and nature of procedures for any
subsequent customer contact exercise.

So the extent that the banks will go to to seek the consumers affected is still to be decided.

The implementation of the policy statement
will also bring into focus issues between
sellers of PPI and PPI providers about who
bears the substantial cost of providing
redress to customers.

If the appeal goes in the consumers favour the above could futher dely redress in that the seller could enter long discussion with the insurer over who pays what percentage to the consumer

This is I believe a real possibility as we all know banks favour damage limitation and will want the insurance industry to bear some of the cost.

[di30]

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

http://www.dac.co.uk/documents/resou..._judgment_Wire

INSURANCE

APRIL 2011

THE IMPLICATIONS OF THE PPI MIS-SELLING JUDGMENT

The High Court has upheld the FSA's policy statement about mis-selling of payment
protection insurance (PPI). In October last year the British Bankers Association (BBA)
commenced judicial review proceedings against the FSA and the Financial Services

Ombudsman (FOS) challenging the way that mis-selling of PPI should be assessed.

This decision, handed down last week, is a dramatic affirmation of the FSA's
understanding of the statutory scheme under which it was established over 10 years

ago and its ability to order firms to compensate victims of mis-selling.



Further details of the three grounds on link.

[di30]

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

http://www.thisismoney.co.uk/credit-...moretopstories

Will banks fight High Court over mis-sold PPI ruling?

Banks are holding crunch meetings with their lawyers this week to decide whether to carry on their fight to overturn hundreds of thousands of complaints about mis-sold payment protection insurance.

[di30]

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

Hiya

Well that does sound hopeful, but I know what your saying.

So are they saying they did have a copy of your agreement and now lost it?
Sorry a bit muddled lol.
If this is the case they should keep a copy on microfiche I would have thought.
Did they give you any idea of when you should hear something, or is it a matter of awaiting of a decision on a appeal?

they said my branch should have copy in their files as loan was done in branch but they can't find it and i don't have a copy of it either.concerns team guy said they will be able to get figures and amounts he did mention where they would get all my information but it wouldn't be a signed agreement.he said a few weeks am i right thinking they can't prove i wasn't mis sold if they don't have document. thanxs[/quote]


Hi hun

That rings the bell with mine when I was told to write to my branch direct, but then received a letter to say they do not longer hold them, still I have so much paperwork to know I was sold ppi, the amounts etc.

I understand if they've not got much or anything to go by, they will still consider your complaint, and its known that many have still been awarded.
So with you being told its likely you will get a payout, maybe they do or don't hold much details but taking in consideration of your reasons......maybe.

Fingers crossed. x

[k77mss]

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

Hiya

Well that does sound hopeful, but I know what your saying.

So are they saying they did have a copy of your agreement and now lost it?
Sorry a bit muddled lol.
If this is the case they should keep a copy on microfiche I would have thought.
Did they give you any idea of when you should hear something, or is it a matter of awaiting of a decision on a appeal?[/quote]
they said my branch should have copy in their files as loan was done in branch but they can't find it and i don't have a copy of it either.concerns team guy said they will be able to get figures and amounts he did mention where they would get all my information but it wouldn't be a signed agreement.he said a few weeks am i right thinking they can't prove i wasn't mis sold if they don't have document. thanxs

[di30]

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

Meetings galore this week then via BBA, Nemo, Banks etc.
------------------------------- merged -------------------------------

hi guys keep up the good work just needing your thoughts and experience i have 10 ongoing at the moment with various companys and have also won 2 before jr. i phoned for update last week to rbs to be told the branch has lost my loan agreement they have looked for it on 3 seperate occasions the complaint has been in for 10 weeks and when i asked guy from concerns team what happens now he said well put it this way your in a far better position than us.he said i will more than likely get a letter with full settlement with my 8% interest and any other amount i was due. the loan was taken out 2002 and was payed off early in 2006. don't want to count my chickens early but would love to hear you thoughts.thanxs

Hiya

Well that does sound hopeful, but I know what your saying.

So are they saying they did have a copy of your agreement and now lost it?
Sorry a bit muddled lol.
If this is the case they should keep a copy on microfiche I would have thought.
Did they give you any idea of when you should hear something, or is it a matter of awaiting of a decision on a appeal?

[k77mss]

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

hi guys keep up the good work just needing your thoughts and experience i have 10 ongoing at the moment with various companys and have also won 2 before jr. i phoned for update last week to rbs to be told the branch has lost my loan agreement they have looked for it on 3 seperate occasions the complaint has been in for 10 weeks and when i asked guy from concerns team what happens now he said well put it this way your in a far better position than us.he said i will more than likely get a letter with full settlement with my 8% interest and any other amount i was due. the loan was taken out 2002 and was payed off early in 2006. don't want to count my chickens early but would love to hear you thoughts.thanxs

[EXC]

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

So as Judge Ouseley refused permission if the court of appeal which the bba have to apply too also refuse that is game over yes?

Correct.

And it seems inevitable that there will be an appeal hearing at the Court of Appeal.

[pompeyfaith]

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

So as Judge Ouseley refused permission if the court of appeal which the bba have to apply too also refuse that is game over yes?

[EXC]

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

From Tom:

If the Court of Appeal refuses permission to appeal, then the BBA can renew their application to appeal to the Court of Appeal, and it is heard at an oral hearing.

However, if the Court of Appeal still refuse permission to appeal, then there is no appeal from that decision:

"PRACTICE DIRECTION 52 – APPEALS

Paragraph 4.8 : There is no appeal from a decision of the appeal court to allow or refuse permission to appeal to that court (although where the appeal court, without a hearing, refuses permission to appeal, the person seeking permission may request that decision to be reconsidered at a hearing). See section 54(4) of the Access to Justice Act and rule 52.3(2), (3), (4) and (5)."


So, if BBA have permission refused after a hearing, then it's all over for them. No appeals to the Supreme Court - I have checked the Rules of the Supreme Court, and I can find no variation to the Civil Procedure Rules. So let's hope the Court of Appeal refuses permission. Then people can start getting their money back from those scallywags.

[di30]

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

The link to some news in relation of Cardinals post too.

http://www.dailyexpress.co.uk/posts/...er-PPI-ruling/

CONCERNS OVER LLOYDS AFTER PPI RULING .


Banks take centre stage this week, with investors keen to hear the reaction of state-backed lenders Lloyds and RBS to the Independent Commission on Banking (ICB) report.

LloydsBanking Group – which was told by the ICB that the disposal of branches it agreed with European regulators did not go far enough and that it would have to sell more – leads the first-quarter updates on Thursday.

Currently 41 per cent owned by the taxpayer, Lloyds gives little financial detail in this update but after staying in the black throughout 2010 there are worries that its margins may have come under pressure.
It could face questions over the impact of a worsening consumer environment on debt losses as well as the recent ruling on payment protection insurance. Lloyds is the most exposed of Britain’s banks to miss-selling claims.
New boss Antonio Horta-Osorio isn’t expected to update on his strategy for the firm until June but his plans will still be in the spotlight, including reports that he is preparing to sell Scottish Widows for more than £5billion.

CURRENTLY 83 per cent owned by the state, Royal Bank of Scotland reports its first quarter figures on Friday. It returned to profitability in the fourth quarter, as sharply lower bad debts offset slower investment banking revenues and the City will hope this has continued into 2011.
RBS says it is on track with its recovery plan, despite the wider investment banking slowdown and regulatory challenges ahead.

It has warned that there will be “inevitable” costs passed down to customers and shareholders from the changes that have been mooted by the ICB.

BRITAIN’S fourth biggest supermarket chain, Morrisons, posts first-quarter figures on Thursday. It is unlikely to have avoided the consumer spending squeeze but should still reveal a resilient performance.

[pompeyfaith]

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

''Three or four years ago, as the PPI storm clouds were beginning to gather, the All Party Parliamentary Group on Insurance & Financial Services held a joint dinner with Alliance for Finance, a federation of trade unions with members in the financial services sector. One of the issues raised by the trade unions was how the counter staff in banks were being set unrealistic targets for sales of PPI, targets that they were adamant could be reached only by mis-selling the product. This shocked the MPs at the dinner and probably, at least partially, explains why very few political voices are raised in support of the banks on this issue.''

If the above is true and has some merit I cannot see this going any further in the courts inc the supreme court.

Just 1 week to go now, but I still believe that the judgment is strong and will stand.

[Angry Cat]

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

leclercs comments may not be popular with all but he is raising some valid points, a ranting letter expecting complaints staff to look at either sympathetically or otherwise will not acheive the desired end result, it will simply generate the usual standardised response, probably just making you more irate!

Whilst I understand venting like this may make you feel like you've acheived something it will not progress the matter any further with the lender, they are used to receiving such correspondence and it simply a case of water off a ducks back, they dont care about the consumers circumstances or feelings and i doubt theyll start anytime soon (may not be fair and just but unfortunately is the truth)

As lecelerc states stick to the facts and at least make them work, for the banks this is just a case of "playing the game", its always best to try and remove emotions (anger or otherwise) from your dealings with them and take them on in the same way.

Agree, short sharp and to the point letters are always best and;
cut out the sarcasm it is unprofessional.

MBNA, will only respond with template letters; they are well versed in fielding complaints...
------------------------------- merged -------------------------------

Sorry - meant to say HSBC

http://en.wikipedia.org/wiki/HSBC

[EXC]

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

''Three or four years ago, as the PPI storm clouds were beginning to gather, the All Party Parliamentary Group on Insurance & Financial Services held a joint dinner with Alliance for Finance, a federation of trade unions with members in the financial services sector. One of the issues raised by the trade unions was how the counter staff in banks were being set unrealistic targets for sales of PPI, targets that they were adamant could be reached only by mis-selling the product. This shocked the MPs at the dinner and probably, at least partially, explains why very few political voices are raised in support of the banks on this issue.''

http://blog.appgifs.org.uk/2011/05/b...he-ppi-co.html

[cardinals]

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

HBOS is owned by LloydsBanking Group.......can you clarify if they said RBS rather than HBOS since they do not give any annual report?

Sorry - meant to say HSBC