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

[EXC]

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

I think that the above article and others like it ( No-win, no-fee vultures circle round 4.5bn PPI claim windfall - mirror.co.uk ) have got it wrong in saying that Claims Management Companies will take a significant share of the billions that are estimated to be refunded as a result of the FSA Policy Statement.

The estimates for this liability (ranging between £1.5 and £8b) are actually attributed to the Root Cause Analysis element of the Policy Statement which will largely circumvent any CMC involvement. In the words of the FSA, firms required to conduct RCA ''will only have to act towards non-complainants''. This means that banks will review past sales and pro-actively contact customers directly to offer redress thus bypassing any claims process altogether.

[enaid]

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

In the words of the FSA, firms required to conduct RCA ''will only have to act towards non-complainants''. This means that banks will review past sales and pro-actively contact customers directly to offer redress thus bypassing any claims process altogether.

Oh yes of course they will and I will get divorced and marry Johnny Depp lol

[EXC]

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

It's all going to be monitored by the FSA:

''Firms should be under no illusion about the importance we place on their
obligations in this regard, and their ability to demonstrate and justify to us
the relevant actions they have taken, and in particular, not taken. Where
they cannot do this, they can expect tough action from us.''

[enaid]

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

It's all going to be monitored by the FSA:

''Firms should be under no illusion about the importance we place on their
obligations in this regard, and their ability to demonstrate and justify to us
the relevant actions they have taken, and in particular, not taken. Where
they cannot do this, they can expect tough action from us.''

Well how exactly will the FSA find out about individual cases that should be settled?

[EXC]

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

I doubt it's going to involve the FSA investigating every one of the 16 million PPI sales since 2005 but it will mean that quite a lot of people would be getting redress where they otherwise wouldn't. It's not ideal but it's a lot better than nothing.

[andrew1]

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

What is the general opinion on what should be paid out or claimed ?


Would it be the PPI charged + 8% ?

The charge + contractual interest charged on the rate of the loan, /c/card like 23.9%

Any thoughts so we might get ourselves prepared?

If the banks were to 'advise' its customers directly then we all know they will pick the cheapest route, but I know numerous people claiming these charges have based the interest rates in a variety of connotations.

[charitynjw]

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

In the words of the FSA, firms required to conduct RCA ''will only have to act towards non-complainants''. This means that banks will review past sales and pro-actively contact customers directly to offer redress thus bypassing any claims process altogether.

Oh yes of course they will and I will get divorced and marry Johnny Depp lol

Not another wedding! - don't chuck away your tararas yet, folks lol

[Angry Cat]

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

What is the general opinion on what should be paid out or claimed ?


Would it be the PPI charged + 8% ?

The charge + contractual interest charged on the rate of the loan, /c/card like 23.9%

Any thoughts so we might get ourselves prepared?

If the banks were to 'advise' its customers directly then we all know they will pick the cheapest route, but I know numerous people claiming these charges have based the interest rates in a variety of connotations.

Repayment of interest at the simple interest rate would not take customers back to the status quo...

[di30]

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

My scanner needs to be sorted, so I have copied and typed a copy of the letter received from Lloyds in regards of my email send to the CEO, the letter was dated 28 April 2011, and it arrived in this morning's post.


Dear

Thank you for your recent communications which you sent to the office of our Chief Executive, Mr Horta - Osorio. I would like to take the time to explain how your complaint about Payment Protection Insurance. (PPI) will be handled.

My understanding of your complaint is that you are concerned about the way you were sold PPI on your Lloyds TSB Loans. If I have misunderstood, this please let *** ****** know by calling 0845 3005599 between 08.00 - 18.00pm.

The current position is that I am still waiting for further information in order to assess your complaint.
We still aim to resolve your query through our internal complaints process as quickly as possible.
The rules which determine how we assess certain types of PPI complaints have now been considered by the Court as part of the legal proceedings between the British Bankers Association (BBA), the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS).

In December 2010, new FSA regulations came into affect which determine the way in which the industry should handle customer complaints about the sale of PPI Policies.

The BBA (the main trade association for banks) asked the Court to review these new regulations on PPI complaints handling issued by the FSA and guidance published by the FOS. This challenge was brought because the BBA is concerned that the FSA and FOS are changing their rules retrospectively, by applying new standards to past sales.

The Court has now delivered its decision and the parties to the legal proceedings may now consider whether they wish to appeal the decision.

In the meantime:

We will register and store your complaint;
We will let you know if there are material developments in the legal proceedings that will effect your complaint; and
We will let you know once we can resolve your complaint, but please note that we will not be able to deal with your complaint until the outcome of the Judicial Review, including any possible appeal, is known.

We wish to handle and resolve all complaints quickly and to the satisfaction our our customers. As soon as we have any further information regarding your PPI complaint we will contact you.

We are sorry that we have not been able to respond in full to your complaint now. We can assure you that this further delay will not count towards the time-limits in which you can refer your complaint to Court of FOS, should you disagree with the outcome of our assessment.

If you would like to discuss the contents of this letter further or have any questions please call me on 0845 300 5599 between 8am and 6pm, Monday to Friday.

Yours sincerely

Customer Relations Manager - Lloyds TSB Group Operations

[cappo]

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

looks like the banks are in trouble again!


http://www.independent.co.uk/news/bu...s-2276892.html

[leclerc]

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

Only Nemo and the BBA are considering the appeal as I don't think the FSA/FOS want to appeal since they kinda won on all three grounds.....hmmmmmmm and Nemo Personal Finance are saying absolutely nothing about the judgement.

[cappo]

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

In the words of the FSA, firms required to conduct RCA ''will only have to act towards non-complainants''. This means that banks will review past sales and pro-actively contact customers directly to offer redress thus bypassing any claims process altogether.

Oh yes of course they will and I will get divorced and marry Johnny Depp lol

ha ha ENAID you never know your luck
------------------------------- merged -------------------------------

My scanner needs to be sorted, so I have copied and typed a copy of the letter received from Lloyds in regards of my email send to the CEO, the letter was dated 28 April 2011, and it arrived in this morning's post.


Dear

Thank you for your recent communications which you sent to the office of our Chief Executive, Mr Horta - Osorio. I would like to take the time to explain how your complaint about Payment Protection Insurance. (PPI) will be handled.

My understanding of your complaint is that you are concerned about the way you were sold PPI on your Lloyds TSB Loans. If I have misunderstood, this please let *** ****** know by calling 0845 3005599 between 08.00 - 18.00pm.

The current position is that I am still waiting for further information in order to assess your complaint.
We still aim to resolve your query through our internal complaints process as quickly as possible.
The rules which determine how we assess certain types of PPI complaints have now been considered by the Court as part of the legal proceedings between the British Bankers Association (BBA), the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS).

In December 2010, new FSA regulations came into affect which determine the way in which the industry should handle customer complaints about the sale of PPI Policies.

The BBA (the main trade association for banks) asked the Court to review these new regulations on PPI complaints handling issued by the FSA and guidance published by the FOS. This challenge was brought because the BBA is concerned that the FSA and FOS are changing their rules retrospectively, by applying new standards to past sales.

The Court has now delivered its decision and the parties to the legal proceedings may now consider whether they wish to appeal the decision.

In the meantime:

We will register and store your complaint;
We will let you know if there are material developments in the legal proceedings that will effect your complaint; and
We will let you know once we can resolve your complaint, but please note that we will not be able to deal with your complaint until the outcome of the Judicial Review, including any possible appeal, is known.

We wish to handle and resolve all complaints quickly and to the satisfaction our our customers. As soon as we have any further information regarding your PPI complaint we will contact you.

We are sorry that we have not been able to respond in full to your complaint now. We can assure you that this further delay will not count towards the time-limits in which you can refer your complaint to Court of FOS, should you disagree with the outcome of our assessment.

If you would like to discuss the contents of this letter further or have any questions please call me on 0845 300 5599 between 8am and 6pm, Monday to Friday.

Yours sincerely

Customer Relations Manager - Lloyds TSB Group Operations

what a pain di ,i,m still getting that with hsbc and mbna,have heard nothing at all about mine

[charitynjw]

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

My scanner needs to be sorted, so I have copied and typed a copy of the letter received from Lloyds in regards of my email send to the CEO, the letter was dated 28 April 2011, and it arrived in this morning's post.


Dear

Thank you for your recent communications which you sent to the office of our Chief Executive, Mr Horta - Osorio. I would like to take the time to explain how your complaint about Payment Protection Insurance. (PPI) will be handled.

My understanding of your complaint is that you are concerned about the way you were sold PPI on your Lloyds TSB Loans. If I have misunderstood, this please let *** ****** know by calling 0845 3005599 between 08.00 - 18.00pm.

The current position is that I am still waiting for further information in order to assess your complaint.
We still aim to resolve your query through our internal complaints process as quickly as possible.
The rules which determine how we assess certain types of PPI complaints have now been considered by the Court as part of the legal proceedings between the British Bankers Association (BBA), the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS).

In December 2010, new FSA regulations came into affect which determine the way in which the industry should handle customer complaints about the sale of PPI Policies.

The BBA (the main trade association for banks) asked the Court to review these new regulations on PPI complaints handling issued by the FSA and guidance published by the FOS. This challenge was brought because the BBA is concerned that the FSA and FOS are changing their rules retrospectively, by applying new standards to past sales.

The Court has now delivered its decision and the parties to the legal proceedings may now consider whether they wish to appeal the decision.

In the meantime:

We will register and store your complaint;
We will let you know if there are material developments in the legal proceedings that will effect your complaint; and
We will let you know once we can resolve your complaint, but please note that we will not be able to deal with your complaint until the outcome of the Judicial Review, including any possible appeal, is known.

We wish to handle and resolve all complaints quickly and to the satisfaction our our customers. As soon as we have any further information regarding your PPI complaint we will contact you.

We are sorry that we have not been able to respond in full to your complaint now. We can assure you that this further delay will not count towards the time-limits in which you can refer your complaint to Court of FOS, should you disagree with the outcome of our assessment.

If you would like to discuss the contents of this letter further or have any questions please call me on 0845 300 5599 between 8am and 6pm, Monday to Friday.

Yours sincerely

Customer Relations Manager - Lloyds TSB Group Operations

Ok, I think the first word is 'The' - having trouble with the second word, though.
Any suggestions? lol

[ncf355]

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

Its all very well that the banks have to be proactive in contacting customers (asswuming a full win for the FOS/FSA via either the banks backing down or FSA/FOS winning further stages)

But we can all imagine quite how far the banks will go in that situation

Send letter to 'last known address' -

"no response? oh, shame - well, you can say we didnt try, honest guv!"

Yet if they were chasing a debt they would no doubt go to the nth dgree (via credit records and investigators) to track the preson down and attempt to get payment from them
------------------------------- merged -------------------------------

looks like the banks are in trouble again!


http://www.independent.co.uk/news/bu...s-2276892.html

Nice find Cappo -

-

"The Commission said yesterday that it is to investigate 16 banks, including Goldman Sachs and Britain's Barclays, HSBC and Royal Bank of Scotland, amid its suspicion they "may hold and abuse a dominant position" in the credit default swap (CDS) market."


SUSPICION that they MAY hold and abuse a dominant position? good grief, you'd have to have poop in your syes not to see that one!

[NLP]

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

Hillarious... what kind of clown would believe the Banks would follow guidelines and actually contact all customers owed refunds?

haha - of course I would trust the banks... they never lie, cheat or steal do they?

Dear Customer,

We have ripped you right off over the last 6 years, find enclosed a cheque for the full refund including all interest.

Yours
A Crook

Chaiman of Robbing Barstewards & Sons (RBS)