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

[di30]

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

This was updated tonight at 10:06 PM

http://www.dailymail.co.uk/money/art...g-scandal.html

Could be announced as early as today!



Barclays is the latest bank set to cave–in over the payments protection insurance mis-selling scandal.



Chief executive Bob Diamond could announce as early as today that Barclays will join Lloyds in abandoning its legal challenge with the Financial Services Authority.

The British Bankers’ Association, which is acting on behalf of the banking industry, recently lost a High Court challenge against new FSA rules on mis-selling PPI being applied retrospectively.

Pulling out? Barclays could join Lloyds in abandoning its legal challenge with the FSA, leaving out HSBC and Royal Bank of Scotland


Read more: http://www.dailymail.co.uk/money/art...#ixzz1LnrDmXgX

[di30]

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

And more here.

http://business.scotsman.com/busines...ick.6764263.jp

Lenders' appeal would be 'kick in teeth' for customers





THREE UK banks are expected to make "last minute" decisions over whether or not to press ahead with a legal appeal over liability for mis-selling payment protection insurance.

Royal Bank of Scotland, Barclays and HSBC are this weekend mulling over the prospect of angering millions of customers by backing an appeal against a High Court ruling forcing them to reimburse those who were mis-sold PPI since 2005.

[pompeyfaith]

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

Di,

Love the advert just above the headline lol

RBS Financial Planning

http://business.scotsman.com/busines...ick.6764263.jp

[pompeyfaith]

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

A spokesman for HSBC said the impact of any compensation would be "fairly minimal", as it stopped selling PPI products in 2007, but that it would press ahead on a "point of principle".

He said: "With anything there is that (reputational risk]. It is all about points of law or clarity of principle. It is not about a product.

"We were abiding by the rules that were in place at the time. Can they change the goal posts?"

urrm yes they can because consider this, had you dealt with complaints fairly in the first place where would have been any need to change the rules.

Sorry Banking Industry you all brought this on you yourselves as you all failed to investigate complaints properly and turned down many that where justified on first letter.

[pompeyfaith]

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

Latest offering from the FT.

http://www.ft.com/cms/s/0/bc9f1608-7...#axzz1Lo2gKFBe

[charitynjw]

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

Latest offering from the FT.

http://www.ft.com/cms/s/0/bc9f1608-7...#axzz1Lo2gKFBe

Aaaarrrrgh! - I've already used my free quota, so FT says no! (I'm getting a 'can't look at the article until you pay us some dosh' page, lol)

[pompeyfaith]

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

Aaaarrrrgh! - I've already used my free quota, so FT says no! (I'm getting a 'can't look at the article until you pay us some dosh' page, lol)

Same with me too

[Bill-K]

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

This was updated tonight at 10:06 PM

http://www.dailymail.co.uk/money/art...g-scandal.html

Could be announced as early as today!



Barclays is the latest bank set to cave–in over the payments protection insurance mis-selling scandal.



Chief executive Bob Diamond could announce as early as today that Barclays will join Lloyds in abandoning its legal challenge with the Financial Services Authority.

The British Bankers’ Association, which is acting on behalf of the banking industry, recently lost a High Court challenge against new FSA rules on mis-selling PPI being applied retrospectively.

Pulling out? Barclays could join Lloyds in abandoning its legal challenge with the FSA, leaving out HSBC and Royal Bank of Scotland


Read more: http://www.dailymail.co.uk/money/art...#ixzz1LnrDmXgX

Story of my life. All I put on this was a ferkin' fiver.

[EXC]

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

Aaaarrrrgh! - I've already used my free quota, so FT says no! (I'm getting a 'can't look at the article until you pay us some dosh' page, lol)

Here you go.

Barclays retreats in loan cover case

By Megan Murphy in London
Published: May 8 2011 22:19 | Last updated: May 8 2011 22:19

A rearguard battle by bankers over the worst mis-selling scandal in a decade was left hanging by a thread after it emerged that Barclays would no longer back a legal fight over payment protection insurance.

Barclays is expected to announce as early as this morning that it will no longer participate in a case led by the British Bankers’ Association over PPI, a form of loan cover that was sold to thousands of consumers who did not realise they were buying it, or who would not have been able to claim under their policies.

Pressure was mounting on Sunday night for HSBC and Royal Bank of Scotlandlegal action.

Lloyds Banking Group, the largest provider of PPI with nearly 40 per cent of the market, surprised many commentators last week by withdrawing from the case

That was a higher provision than analysts expected and sparked concerns that the cost of reimbursing PPI consumers across the industry could top £8bn, compared with a £4.5bn estimate from the Financial Services Authority.

Barclays, which had a significantly lower share of the market at about 15 per cent, is expected to take a hit of up to £1.4bn when it announces its own withdrawal from the action.
The BBA, the main industry lobbying group, has until Tuesday to decide whether to appeal against a High Court decision dismissing its judicial review over the FSA’s policies on how PPI sales and complaints should be handled.

The industry has argued that the FSA is trying retrospectively to apply tough new rules to previous sales, which could create a damaging precedent in future disputes.
However, it is unlikely that RBS, which is 83 per cent owned by the taxpayer, or HSBC would want the BBA to go ahead with the case in the absence of broader industry support.

HSBC was one of the smaller players in the PPI market, and stopped selling policies in 2007.

Its total exposure is expected to be significantly less than the £600m estimates put forward by some analysts, according to people familiar with the situation. RBS may be on the hook for about £1bn, according to analysts.

Some banking sources said last night that Lloyds and Barclays had essentially chosen to prioritise more important regulatory battles in admitting defeat on PPI.

Lloyds, for example, is trying to stave off pressure from the Independent Commission on Banking to sell more than the 600 branches it already has to dispose of under European competition rules.

At Barclays, where its investment banking business brings in the lion’s share of profits, executives are trying to keep their universal banking model intact, following the commission’s recommendation that big banking groups build expensive firewalls around their retail operations in the UK.

The BBA was locked in talks with the leading banks last night and declined to comment on the appeal’s status. to follow suit and abandon their participation in the and taking a £3.2bn charge to compensate customers who were mis-sold the loan cover.

[charitynjw]

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

............There were two in the bed, & the little one said "Roll over"..................

[EXC]

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





BBA statement regarding Judical Review

The BBA said:

"The BBA on behalf of its members judicially reviewed the FSA and the FOS regarding the retrospective elements in the proposed FSA rules for handling PPI complaints. The judgement was handed down on 20 April 2011 and found in favour of FSA and the FOS. The BBA was given until 10 May 2011 to appeal.

"In the interest of providing certainty for their customers, the banks and the BBA have decided that they do not intend to appeal.

"We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities."


Notes to Editors

Complaints handling guidance

If you feel you have grounds for complaint you should contact your bank directly. There is no need to use a complaints management company.

BBA - The voice of banking and financial services - Media - Article - Bba Statement Regarding Judical Review

[charitynjw]

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

1-1!

[dogtired]

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

Just confirmed Barclays on the BBC and that "the others" may pull out pf the "appeal"

http://www.bbc.co.uk/news/business-13330858

[pompeyfaith]

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

Thats it game over time to post that claim to wooolwich.

[pompeyfaith]

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

"We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities."

The BBA is a disgrace, never heard such poop, if there was matters of important principle they would of gone to court the fact is the judgment left no room to maneuver