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

[andrew1]

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

the banks have already started there damage limitation exercise over there missold ppi,and this looks like where the monies going to start coming from.


http://www.independent.co.uk/news/bu...h-2279767.html

I always did like the Swedes and I thought it was the women :tinysmile_grin_t:- nicked from the 'comments' at the foot of that article:

I see there's a bank called the JAK bank in Sweden with the following principles :

'Philosophy: According to the JAK philosophy, economic instability is a result of the taking of interest.

JAK operates under the following premises:

The taking of interest is inimical to a stable economy.
-Interest causes unemployment, inflation, and environmental destruction
-Interest moves money from the poor to the rich
-Interest favours projects which tend to yield high profits in the short-term
-The ultimate goal of JAK is to abolish interest as an economic instrument and to replace it with instruments that are in the best interest of people.
First aim of the bank is to offer a feasible financial instrument to its members, sustainable for the environment and serving local economy.'


How can I now say "I'm in love with a beautiful Swedish bank"? - just doesn't work does it? - I'll stick to the women

[Angry Cat]

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

RBS Management statement. Looks like they're keeping quiet for the time being.


In the area of payment protection insurance (PPI), RBS continues to settle
claims where we believe that the customer has not been treated fairly or has suffered some detriment.
However, a decision on appeal of the court case, led by the BBA, has not yet been made as it relates
to important other issues of retrospective regulation. The uncertainties around the outcome of the PPI
action mean that, at this time, the Group is unable reliably to estimate any potential financial liability,
although it could prove to be material.

Payment Protection Insurance (PPI)
Following unsuccessful negotiations with the industry, the Financial Services Authority (FSA) issued
consultation papers on PPI complaint handling and redress in September 2009 and again in March
2010. The FSA published its final policy statement on 10 August 2010 and instructed firms to
implement the measures contained in it by 1 December 2010. The new rules impose significant
changes with respect to the handling of mis-selling PPI complaints. On 8 October 2010, the British
Bankers’ Association (BBA) filed an application for judicial review of the FSA’s policy statement and of
related guidance issued by the Financial Ombudsman Service (FOS). The application was heard in
January 2011. On 20 April 2011 the High Court issued judgment in favour of the FSA and the FOS.
The BBA is considering whether to appeal the judgment. At this time, the Group is unable reliably to
estimate any potential financial liability, although it could prove to be material.

http://www.investors.rbs.com/downloa...ults2011Q1Med1

http://www.bbc.co.uk/news/business-13306295

RBS did not estimate its potential liability to payment protection insurance (PPI) compensation claims.
But it said the eventual cost could prove to be "material".
The results come a day after Lloyds Banking Group said it was setting aside £3.2bn to pay compensation to customers who were mis-sold PPI

[Angry Cat]

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

http://www.guardian.co.uk/business/2...s-reports-loss

[Mr Muffet]

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

http://www.guardian.co.uk/business/2...s-reports-loss

So the fact that they have been squandering money on bonuses doesnt have anything to do with their losses ?

[Angry Cat]

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

Stephen Hester, parachuted in as chief executive after the October 2008 bailout, said the figures showed progress was "continuing" as the bank tries to clamber back to sustained profitability after the record-breaking £24bn 2008 loss. He said Lloyds' decision not to continue in the BBA's legal action would not affect the legal analysis as to whether to appeal.

[Angry Cat]

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

An interesting article in, the Telegraph:
http://www.telegraph.co.uk/finance/n...-hit-10bn.html

[EXC]

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

''However, he [Stephen Hester] added that the Financial Services Authority was now likely to be “rather wedded to” the idea of settling the matter with the banks on a par with Lloyds’ arrangement''.

FT.com / Companies / Banks - RBS remains in the red with £116m loss

He's also quoted in The Times as saying (of PPI) that ''We haven’t made a provision in this quarter results although obviously we’re looking very closely at it,” Mr Hester said this morning. “As soon as we can narrow down what the appropriate figure is we will come forward with it.”

So not a question of whether RBS will have a liability but how much it will be. Doesn't sound like someone who thinks there's any chance of successfully appealing the Judicial Review then does it?

[Footynut]

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

Have any other banks followed Lloyds in doing this. I heard that Barclays had as well??

[pompeyfaith]

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

For anyone with pre 2005 claims and having a job researching the product sold to you this is a useful tool.

The wayback machine.

http://www.archive.org/web/web.php

[di30]

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

Have any other banks followed Lloyds in doing this. I heard that Barclays had as well??

Hiya

I have not got round to checking yet, but is their website been updated perhaps?

Website here with details......edited to post this..

http://www.barclays.co.uk/Generalinf...P1242589649016

[Angry Cat]

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

Have any other banks followed Lloyds in doing this. I heard that Barclays had as well??

:
The British Bankers' Association (BBA) last month lost a judicial review against an attempt to overturn new rules on the sale of PPI.

The BBA has until Tuesday to launch an appeal against the verdict. However, Lloyds said it would not be backing the appeal. Mr Horta-Osório said: "I don't want to continue a long-running dispute with our regulator."

Several of the UK's other major banks, including HSBC, are backing the BBA's attempt to overturn the rules, which will cost them billions of pounds.

Presumably, the 'Other Major Banks' are not interested in their already sullied reputations?

Looks like even more bad press for RBS...

[SoapyBubbles]

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

Have any other banks followed Lloyds in doing this. I heard that Barclays had as well??

Where did you hear this from please?

[Angry Cat]

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

http://www.bbc.co.uk/blogs/thereport...firewalls.html

[pompeyfaith]

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

Q. Why have we stopped selling PPI? We have been reviewing our PPI suite for some time as the market changes. Customers are generally looking for more flexibility and choice in terms of features and benefits to meet their individual circumstances.

A lie as they did not stop selling it until they where forced to by the FSA.

[Footynut]

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

someone i was talking to thought they had. Not seen or heard it myself.