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

[The_Big_Dog]

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

Morning All,

I'll be keeping an eye on the BBA's conference this morning, however, I'm doubtful that there will be a huge earth shattering announcement which will see the end of CMC's. It'll be interesting to see what's said, however, if there was something big on the cards, I think the CMC grapevine would have picked something up - and I've not heard a dickybird. Secondly, any regulatory body in the UK has 2 speeds - dead slow and stop, so if they have got something nasty in store for CMC's, it'll take them ages to implement it.

I'm very cynical of any organisation that states 'an announcement is imminent' - particularly when they're charging £270 or £390 for a ticket (I suppose that they need to raise the £462k to pay their legal bills for the JR from somewhere!).

I think what is on the cards is a move from our Monitoring & Compliance Unit in Staffordshire. The current compliance is monitored by Staffordshire Trading Standards - their current contract for doing this is due for renewal in the not too distant future, so there might be an announcement about this, and I'll bet somewhere along the line that they increase our fees somewhere as well.

Meanwhile, back at the ranch, we're seeing settlements coming in from everyone except for HSBC (quelle suprise Rodney!). They're sending plenty of hold letters, but no sniff of an uphold yet.

The interesting one is RBS. We saw the first 2 come in over the weekend, and the way they've settled is very interesting. Unfortunately, I haven't got the letters with me because they're in the office, however, they started 'due to the length of time that it has taken to resolve your complaint, we have decided to settle your complaint as a gesture of goodwill with no admission of liability'. When I first read them, I immediately thought of Barclays - are RBS doing the same to reduce their caseload?

What is coming apparent is they all need to pick up their pace between now and the end of August if they're going to clear their backlogs, because the settlements aren't coming in quick enough. I've analysed what I've seen already and how many are still to be resolved and I think that at current levels, I'm seeing about 20% of what I should be seeing, so they've got a lot of work to do - it's going to be an interesting 6 weeks.

TBD.

[andrew1]

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

Morning All,



The interesting one is RBS. We saw the first 2 come in over the weekend, and the way they've settled is very interesting. Unfortunately, I haven't got the letters with me because they're in the office, however, they started 'due to the length of time that it has taken to resolve your complaint, we have decided to settle your complaint as a gesture of goodwill with no admission of liability'. When I first read them, I immediately thought of Barclays - are RBS doing the same to reduce their caseload?



TBD.

Hi TBD

Can you tell me your views on this particular kind of settlement attempt as I've seen one of these myself?

It seems like a cheap way to get around paying the full whack they should as the Goodwill Gesture is always light on the payment total.

cast your minds back to the early days of bank charges when they began paying out Goodwill gestures, some people wrote back saying 'Thanks very much for the goodwill gesture, I'm now taking you to court for the charges"

Which I thought rather industrious actually.

[EXC]

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

(I suppose that they need to raise the £462k to pay their legal bills for the JR from somewhere!).

Their bill for the FSA's external legal costs alone were £867k excluding VAT.

[stevesouth33]

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

Hi TBD

Can you tell me your views on this particular kind of settlement attempt as I've seen one of these myself?

It seems like a cheap way to get around paying the full whack they should as the Goodwill Gesture is always light on the payment total.

cast your minds back to the early days of bank charges when they began paying out Goodwill gestures, some people wrote back saying 'Thanks very much for the goodwill gesture, I'm now taking you to court for the charges"

Which I thought rather industrious actually.

The couple of ones I have had from RBS paid the 'full whack' and in one case paid more than full whack. The statement around length of time and goodwill gesture just gets them out of the 'merits' of the claim itself so they dont have to get into it.

[andrew1]

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

The couple of ones I have had from RBS paid the 'full whack' and in one case paid more than full whack. The statement around length of time and goodwill gesture just gets them out of the 'merits' of the claim itself so they dont have to get into it.

Thanks Steve, mine was a Universa account which dated back to 2001 which RBS said that their banks usual procedure would be to refund all premiums paid towards the policy over the last 6 yrs to date, but as no payments have been made within the 6 yrs (the account closed) no refund was due.

That's like saying, well I know you were wrongly charged years ago and we've kept and used the money, but you can't have it back as it's not our policy.

Just because I now found out they shouldn't have taken it and it's over 6 yrs since it happened doesn't let them off the hook as limitations begin from when the mischief was found out, not when it happened.

Just not sure how to progress this.

[stevesouth33]

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

Have they recently not upheld it? Have you had a final response from them. I guess a lot depends on whether you want to ask them to reconsider or go the FOS route. The six year thing both from a redress perspective and also from a time limit perspective is a nonsense as you actually have three years from the point you realise a mistake was made and you were mis-sold.

I think it might be worth a phone call to them to figure out what rationale i.e. pre - or post JR thinking.

[seller 17]

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

Morning All,

I'll be keeping an eye on the BBA's conference this morning, however, I'm doubtful that there will be a huge earth shattering announcement which will see the end of CMC's. It'll be interesting to see what's said, however, if there was something big on the cards, I think the CMC grapevine would have picked something up - and I've not heard a dickybird. Secondly, any regulatory body in the UK has 2 speeds - dead slow and stop, so if they have got something nasty in store for CMC's, it'll take them ages to implement it.

I'm very cynical of any organisation that states 'an announcement is imminent' - particularly when they're charging £270 or £390 for a ticket (I suppose that they need to raise the £462k to pay their legal bills for the JR from somewhere!).

I think what is on the cards is a move from our Monitoring & Compliance Unit in Staffordshire. The current compliance is monitored by Staffordshire Trading Standards - their current contract for doing this is due for renewal in the not too distant future, so there might be an announcement about this, and I'll bet somewhere along the line that they increase our fees somewhere as well.

Meanwhile, back at the ranch, we're seeing settlements coming in from everyone except for HSBC (quelle suprise Rodney!). They're sending plenty of hold letters, but no sniff of an uphold yet.

The interesting one is RBS. We saw the first 2 come in over the weekend, and the way they've settled is very interesting. Unfortunately, I haven't got the letters with me because they're in the office, however, they started 'due to the length of time that it has taken to resolve your complaint, we have decided to settle your complaint as a gesture of goodwill with no admission of liability'. When I first read them, I immediately thought of Barclays - are RBS doing the same to reduce their caseload?

What is coming apparent is they all need to pick up their pace between now and the end of August if they're going to clear their backlogs, because the settlements aren't coming in quick enough. I've analysed what I've seen already and how many are still to be resolved and I think that at current levels, I'm seeing about 20% of what I should be seeing, so they've got a lot of work to do - it's going to be an interesting 6 weeks.

TBD.

http://www.justice.gov.uk/downloads/...rt-2010-11.pdf

It appears the MOJ will tighten their grip in the coming year on CMC's.

[The_Big_Dog]

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

Their bill for the FSA's external legal costs alone were £867k excluding VAT.

I stand corrected - apologies.

TBD.

[mosten]

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

Any more major offers coming in BIG DOG...?

I have given my friends your advice regards the Paragon/Norton loan pre 2005 as given earlier in this thread and they have sent off the SAR's last week... Be interesting what they come back with..

Will let you know what they say...

[The_Big_Dog]

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

I've not heard of anything of any interest per se from the BBA's conference yesterday, so it doesn't seem as though there was an earth shattering announcement on the cards - I bet the BBA members felt their £270 per ticket was great value for money!

What did catch my eye was Tony Boorman's speech that he gave. In private, I don't think he's a great lover of CMC's, so his speech suprised me quite a bit and there were a lot of positives in there.

His full address is here:

http://www.financial-ombudsman.org.u...19Jul2011.html

It makes interesting reading.

So - it begs the question - how do they overhaul the regulation surrounding CMC's?

(I'm very tempted to say that the first thing the FSA should do is charge a levy on all the banks and send every CMC to Barbados for a month, all inclusive, with spending money so we can get over the stress and the pressure that we've been under for the past 9 months and allow us sufficient time to recover - but I won't! lol!).

I would welcome any change that would make us more professional, and I'm sure that a lot of CMC's would agree with me and there has to be action taken against the sharks and cowboys that are out there.

Firstly, the lessons have not been learnt from the Cartel debacle. Anyone with half a brain could see what Carl Wright was up to, yet, nobody lifted a finger until it was too late - way too late. Even after £30 odd million disappeared, there are still no checks being done by ANY of the regulatory authorities regarding client money - I find this disturbing because there could be another Cartel out there taking money up front when they don't have the financial resources to repay it all if it goes horribly wrong. For the life of me, I can't see why the MoJ don't just ban up front fees - I don't charge them, a lot of CMC's I know don't charge them, so I'm struggling to work out why anyone else needs to charge them.

Secondly, I believe that the FSA and the FOS should allow Lenders to refuse to handle complaints if there's no cause of action. I've seen letters from CMC's with my own eyes that are quite frankly, a disgrace to our profession, and they're around 3 lines long. They go along the lines of 'our client was sold this policy and it was unsuitable for them, therefore, please investigate the sale as our client wants their money back'. That is not a letter of complaint and any fool could do it, yet, there are numerous CMC's out there who send out that type of crap.

Thirdly, ban all cold calling - it's a real pain in the arse and I'm getting fed up of it as well - I had 3 calls again yesterday to my office and 2 at home on top of the countless others that I've received. I answered one of them the other day and there was a guy on the end of the phone 'ready to take my details!', so I told him that I was a compliance officer with a large chain of IFA's, I didn't have any sick pay, I fully understood that the policy cost was added to the loan, I have no pre-existing conditions, I have a young family and I was aware it was optional - this guy turned around and said that I had an excellent chance of reclaiming my premiums and I had a very strong case! FFS! How much of this crap is going on out there?

Finally, when the above happens, it should be reported to the MoJ immediately and action taken. Maybe a 3 strikes and you're out policy could work, but the MoJ need to be a lot more pro-active in the policing of the industry. A FSA authorised firm will get a visit once a year from them - I've never had a visit from the MoJ - in fact, the only correspondence I get from them is my renewal forms every year. Not once have they asked me now I operate my business, how I advertise, do I use exempt introducers, have I got any AR's? I think they should.

Now, coming to the other side of the coin. If the cowboys are eradicated, then those of us left should be treated with more professionalism by lenders. Any decent CMC is will tell you that all the risk, business wise, is with us - not the client. We do all the work, the investigating, requesting docs from the lenders etc (all on a no money upfront basis) - some claims can take hours and hours of work - yet we are wholly dependent on the client doing the decent thing and paying us at the end. I think that lenders should take our letter of authority into account and pay us our fee directly.

On this subject, I've had a client recently who got over £16k who then bumped me and disappeared out of the country, so I can't chase him. (This is the same client that was in tears with me on the phone when the lender initially defended the claim on the tick box being signed on a credit card agreement form and it was non-advised). That claim took me not hours, but days of work, and at the end of it, I've got nothing to show for it.

One thing is definately for sure, it's going to be a massive job for anyone to overhaul CMC regulation, and it's not going to happen overnight.

TBD.

[The_Big_Dog]

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

Any more major offers coming in BIG DOG...?

I have given my friends your advice regards the Paragon/Norton loan pre 2005 as given earlier in this thread and they have sent off the SAR's last week... Be interesting what they come back with..

Will let you know what they say...

Hi Mosten,

It's ticking over, but nothing of any real substance as of yet. We received 12 settlements this morning (and a defend from Capital One - the swines!!! - they're playing a very dangerous game defending on tick boxes being signed and advice on a non-advised basis), but it doesn't appear that any of them are fully up to speed yet.

We did get a 12k one from Barclays this morning which was a nice one to get (and the client's doing cartwheels!)

TBD.

[The_Big_Dog]

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

Hi TBD

Can you tell me your views on this particular kind of settlement attempt as I've seen one of these myself?

It seems like a cheap way to get around paying the full whack they should as the Goodwill Gesture is always light on the payment total.

cast your minds back to the early days of bank charges when they began paying out Goodwill gestures, some people wrote back saying 'Thanks very much for the goodwill gesture, I'm now taking you to court for the charges"

Which I thought rather industrious actually.

The 2 we had were full offers with the 8% added, so the clients are obviously going to accept them.

The way RBS used to settle was always a bit of a nightmare, and I'm suprised that the FOS let them get away with settling so many cases without the 8% added.

You have to tread very, very carefully when you see one of those offers. The first thing I do is speak to the client and explain to them exactly what they've been offered, and how short it really is from the full redress.

Secondly, you have to do a SAR on these cases as Nat West in particular have a nasty way of selling PPI on a non-advised basis - the FOS always seem to swallow this on their adjudications, so if you escalate - it might not go your way, unless you're holding a really strong case where it would have become apparent to the adviser that the product was unsuitable due to the information disclosed by the client in the application form - eg - self employment.

Once you've got all this, you can then go back to the client and give them the options - either settle or we could try for more, explain the timescales involved, but also warn them they could come unstuck if it doesn't go our way and end up with nothing.

I've had clients go for both options, and luckily, I've never lost one with an Ombudsman, but I've had a few go against me on an Adjudication level.

TBD.

[Paul210]

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

not seen any official announcement but just had an interesting conversation with First Plus, aparantly in order to help clear the backlog they will refund any claims received pre end of JR, theyve previously always denied that the Barclays 'no quibble refund' stance aplied to them, looks like theyve been overruled/changed their minds.

[mosten]

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

ppi announcement


its on there website saying they will settle i think...

[EXC]

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

I've not heard of anything of any interest per se from the BBA's conference yesterday, so it doesn't seem as though there was an earth shattering announcement on the cards

We'll know on Friday.