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

[mosten]

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

Brilliant..!!!! Hope First Plus follow suit now since they are part of the Barclays group

[di30]

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

Excellent news, and its understood letters will also be sent from the FOS to the customers that had cases on hold.

This will be less for the FOS to deal with as well, cool!

[leclerc]

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

Brilliant..!!!! Hope First Plus follow suit now since they are part of the Barclays group

Considering this announcement on FP site, I suspect that they will follow suit but they do have a telephone number which you can confirm this on

payment protection insurance announcement - 9 May 2011

[mosten]

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

So any cases in with the FOS can now also just be settled in accordance with the full payments plus 8%...... Does this statement also cover loans taken pre 2005 and would they also cover any Barclaycard claims do you think...?

[di30]

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

I am aware that whoever have had cases held as pre and on 20 April, and gone to the FOS this applies to them also, where letters will be sent out shortly.

Also some info in regards of FSA given banks given extra time to deal with the PPI complaints.


http://www.financial-ombudsman.org.u...judicialreview

FSA grants temporary extension for some PPI complaints


13 June 2011
The FSA announced today a timetable for Barclays, Lloyds Banking Group and RBS to deal with payment protection insurance (PPI) complaints.
Commenting on the FSA's announcement, Natalie Ceeney, chief ombudsman, said:

The FSA has set down a clear timetable for Barclays, Lloyds and RBS to deal with complaints. We trust that the businesses involved will use this time to make sure they have the necessary resources in place, to deal fairly and promptly with the complaints they've received.

Meanwhile we will continue to work with the banks, over the coming weeks, to help them to ensure that their customers' complaints are dealt with appropriately.

• The ombudsman service continues to handle large volumes of PPI complaints from consumers. Since the British Bankers Association (BBA) first launched its legal challenge in October 2010 on behalf of a number of high-street banks, the ombudsman has been receiving up to 5,000 PPI complaints each week.
• This means that the ombudsman service has now received over 240,000 complaints in total about mis-sold PPI policies – upholding 3 out of 4 cases in favour of consumers.
• Following the High Court judgment in April 2011 – endorsing the ombudsman's and the FSA's approach on the way payment protection insurance (PPI) complaints are handled – the British Bankers Association (BBA) confirmed in May 2011 that it would not be appealing against the ruling or continuing its legal challenge.

------------------------------- merged -------------------------------
Also more on this directly on the FSA website - more detailed.


http://www.fsa.gov.uk/pages/Library/...2011/049.shtml

[leclerc]

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

FSA grants temporary extension for some PPI complaints

Margaret Cole


We will be monitoring their progress carefully to ensure the new deadlines are met, that complaints are dealt with as promptly as possible and the backlog is cleared as a matter of urgency.
FSA/PN/049/2011
13 June 2011

The Financial Services Authority (FSA) today agreed to temporary arrangements for Barclays, Lloyds Banking Group and RBS to handle Payment Protection Insurance (PPI) complaints. The arrangements extend the time periods the firms have to deal with their backlog of stayed PPI complaints and the high volume of new complaints on PPI. These arrangements have been put in place to ensure that the firms are able to handle the PPI complaints properly.

Under FSA rules PPI complaints have to be responded to within eight weeks. The extension agrees a timeframe for the firms to deal with the claims that have been put on hold and also agrees additional time for the firms to deal with PPI complaints received since the end of their involvement in the judicial review:

PPI complaints still with the firm but put on hold during the judicial review will receive a decision by the end of August;
PPI complaints received after the conclusion of judicial review but on or before the 31 August will be responded to within 16 weeks; and
PPI complaints received on or after 1 September and before 31 December 2011 will be responded to within 12 weeks.
Strict conditions have been imposed on the temporary time extensions; the firms with the temporary time extension will have to:

keep PPI complainants and their customers fully informed; and
provide the FSA with regular reports on compliance.
The FSA expects all PPI complaints handling to return to the requisite eight-week standard by 1 January 2012 at the latest.

This arrangement only applies to the three named firms. All other PPI complaints are unaffected.

Margaret Cole, the FSA’s interim managing director of the Conduct Business Unit, said:

“We want to see all PPI claims for compensation dealt with swiftly and appropriately. However some firms are facing a huge backlog and now a surge of new complaints which has created a bottleneck. It is not in the interests of consumers to receive further poor handling of their complaints as a result. This temporary extension means that these firms can process these complaints properly and fairly.

“We will be monitoring their progress carefully to ensure the new deadlines are met, that complaints are dealt with as promptly as possible and the backlog is cleared as a matter of urgency.”

A number of firms decided to put some or all PPI complaints on hold when the British Bankers’ Association launched a judicial review of the FSA’s new PPI complaints handling measures. The FSA and the Financial Ombudsman Service won the case and the BBA decided not to appeal on 9 May 2011.

Notes to editors
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.


16 weeks post JR complaints???? That's 4 months

[EXC]

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

The FSA are saying that all complaints put on hold pending the Judicial Review must be settled by the end of August.

Complaints made between 20 April and 31 August must be resolved in 16 weeks and complaints made after 31 August but before 1 January 2012 must be resolved in 12 weeks and presumably complaints from the start of 2012 must be resolved in the normal 8 weeks.

BBC News - Barclays to settle payment protection insurance claims

EDIT snap Leclerc!

I think 16 weeks is a pretty good deal in the circumstances. Well done FSA.

[morpheus]

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

Agreed. 16 week reducing to 12 weeks is scandalous.
PPI customers to receive compensation by Oct 16 - Telegraph
The banks are getting away with murder. shame on them.

[EXC]

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

FSA press release.

FSA grants temporary extension for some PPI complaints

[EXC]

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

So the extension only applies to Lloyds, Barclays & RBS and ''all other PPI complaints are unaffected''.

[morpheus]

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

Good point. I wonder if the other banks will join in if only to benefit from the 2 month extension. 16 weeks is a bloody long time to respond.

[gazdarke]

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

This has to be good news.

However what is not covered is the time it takes for cases with the FOS to be resolved. they seem to be taking FOREVER to respond. My case was passed to a Senior Ombudsman last September! When are thier deadlines?

Gazdarke

[mosten]

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

Any Barclays cases in with the FOS then pre 20th april should just be settled as , uphold the complaint...

[gazdarke]

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

Any Barclays cases in with the FOS then pre 20th april should just be settled as , uphold the complaint...

Mine is with RBS via the FOS, so I can only assume that the other banks will follow???

What am I saying? Assume nothing when it comes to banks...!!

Gazdarke

[Angry Cat]

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

Brilliant..!!!! Hope First Plus follow suit now since they are part of the Barclays group

As are Goldfish and Egg Cards.
Noting on the Egg site.