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A FIRSTPLUS LOAN IS SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
payment protection insurance (PPI)
announcement – 9 May 2011
As part of Barclays Bank Plc, Firstplus Financial Group will not be joining any appeal brought by the British Bankers’ Association (BBA) on the matter of handling payment protection insurance (PPI) complaints. We are working to resolve PPI complaints for our customers as quickly as possible. We know this is important to you and that is why we are focussed on working hard to resolve these complaints.
Barclays’ statement on payment protection insurance
released Monday 9 May 2011
Barclays has decided that it will not participate in any application for permission to appeal against the High Court judgment of 20 April 2011, which dismissed the action brought by the British Bankers’ Association regarding the assessment and redress of Payment Protection Insurance (“PPI”) complaints.
Barclays has also agreed with the Financial Services Authority (“FSA”) that it will now begin to process all on-hold and any new complaints from customers about PPI policies that they hold. These customers will be contacted, and Barclays will assess and address their complaints as quickly as practicable.
Bob Diamond, Chief Executive, Barclays said:
“We have taken this decision because it is in the best interests of our customers, as well as for Barclays and its shareholders; creating certainty, particularly regarding past issues, is of benefit to all parties.
We don’t always get things right for our customers; when we get them wrong, we apologise and put them right. That’s our commitment to our customers, and it applies to the way in which we will deal with PPI complaints.”
While important aspects of the handling of PPI complaints, and therefore the cost of doing so, are not yet certain, Barclays is taking a provision to cover the cost of future redress and administration of £1bn in the second quarter 2011.
background
In October 2010, the British Bankers’ Association (BBA) filed for a judicial review against the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS) on the matter of handling Payment Protection Insurance (PPI) complaints.
The principle of the judicial review was about the ability of the FSA and FOS to apply new standards to old sales. The BBA believed the FSA was effectively creating a precedent that permitted it to apply new rules to previous sales – even where those sales were regulated by other FSA rules.
On 20 April 2011, the outcome of the judicial review was announced and the BBA’s judicial review challenge has been dismissed in its entirety. The BBA will announce by 10 May 2011 if it intends to appeal the ruling.
If you wish to make a complaint
If you wish to make a complaint about your PPI you can do so in several ways. There is no need to use a claims management company to complain - it is easiest to make complaints directly to Firstplus. Claim management companies usually take a fee or percentage of any compensation you are paid and your complaint is not dealt with differently or any more quickly.
You can call us on 0845 650 6600 or write to us at
Firstplus Financial Group
Customer Relations
Firstplus Financial Group Plc
The Avenue Business Park
Pentwyn
Cardiff
CF23 8FF
We will ask you to complete a PPI consumer questionnaire from the Financial Ombudsman Service, downloadable from the Financial Ombudsman website - Financial Ombudsman Service. Sending us this form will ensure we have the information needed to process your complaint efficiently and as quickly as practicable.
If you have already made a complaint
If you have already made a complaint about PPI you do not need to do anything. We will be writing to you with an update as quickly as practicable. There is no need to resubmit your complaint or make a new one. We are now working hard to resolve these complaints as soon as we can. Although we are unable to give specific timescales at present, we will provide an update as soon we have more information.
FAQs
Q. What was the outcome of the judicial review?
A. In April the High Court announced that it had dismissed the British Bankers Association (BBA) judicial review challenge of Payment Protection Insurance (PPI) complaint handling. The Court dismissed the judicial review challenge in its entirety.
Q. What has Barclays decided to do? Will it appeal?
A. We have accepted the judgment following the High Court’s decision and we will work closely with the Financial Ombudsman and the Financial Services Authority to make sure we deal with all our PPI complaints appropriately. We will not be supporting any appeal to the High Court judgment.
Q. Why has Barclays taken so long to respond to the outcome of the judicial review?
A. Following the High Court’s announcement we reviewed the judgment thoroughly to understand the details, and consider what this means for Barclays and our customers.
Q. Why has Barclays made a provision of £1bn?
A. We have made a provision of £1bn in relation to the anticipated cost of redress in respect of PPI complaints.
Q. Will Barclays now process those PPI complaints that are on hold?
A. Yes. We will work closely with the Financial Ombudsman Service and the Financial Services Authority to make sure we deal with all our PPI complaints as quickly as practicable.
Q. When am I likely to get my complaint resolved?
A. We will write to customers with existing complaints to update them as quickly as practicable. There may be a short delay while we work through the details. Although we are unable to give specific timescales at present, we will provide an update as soon we have more information.
Q. If I have an existing PPI complaint what do I need to do?
A. Customers with existing PPI complaints do not need to take any action. We will now write to update those customers and work hard to resolve all complaints as quickly as practicable.
Q. I have been approached by a claims management company. What should I do?
A. Our customers can complain to us directly and don’t need to use a claims management company (CMC). A CMC will typically charge an up-front fee or take a proportion of any financial redress. We will assess all complaints sent directly to us in exactly the same way that we treat complaints sent in by a CMC – your complaint is not dealt with differently or any more quickly.
Q. How can customers find out more information?
A. We’ve set up this dedicated website for customers who would like more information about the PPI judicial review and complaint handling. The site will be updated as more information becomes available. The Financial Ombudsman Service (FOS) also provides an independent source of information.
Q. I have an existing PPI complaint, how can I get an update?
A. If a customer has already made a complaint about PPI we will be writing to them with an update as quickly as practicable.
Q. Can I log a new PPI complaint?
A. Yes. If you wish to make a complaint about your PPI you can do so in several ways. There is no need to use a claims management company to complain - it is easiest to make complaints directly to Firstplus.
payment protection insurance announcement - 9 May 2011
about us
security
site map
privacy
legal
©2008 Firstplus Financial Group PLC. All rights Reserved
A FIRSTPLUS LOAN IS SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
payment protection insurance (PPI)
announcement – 9 May 2011
As part of Barclays Bank Plc, Firstplus Financial Group will not be joining any appeal brought by the British Bankers’ Association (BBA) on the matter of handling payment protection insurance (PPI) complaints. We are working to resolve PPI complaints for our customers as quickly as possible. We know this is important to you and that is why we are focussed on working hard to resolve these complaints.
Barclays’ statement on payment protection insurance
released Monday 9 May 2011
Barclays has decided that it will not participate in any application for permission to appeal against the High Court judgment of 20 April 2011, which dismissed the action brought by the British Bankers’ Association regarding the assessment and redress of Payment Protection Insurance (“PPI”) complaints.
Barclays has also agreed with the Financial Services Authority (“FSA”) that it will now begin to process all on-hold and any new complaints from customers about PPI policies that they hold. These customers will be contacted, and Barclays will assess and address their complaints as quickly as practicable.
Bob Diamond, Chief Executive, Barclays said:
“We have taken this decision because it is in the best interests of our customers, as well as for Barclays and its shareholders; creating certainty, particularly regarding past issues, is of benefit to all parties.
We don’t always get things right for our customers; when we get them wrong, we apologise and put them right. That’s our commitment to our customers, and it applies to the way in which we will deal with PPI complaints.”
While important aspects of the handling of PPI complaints, and therefore the cost of doing so, are not yet certain, Barclays is taking a provision to cover the cost of future redress and administration of £1bn in the second quarter 2011.
background
In October 2010, the British Bankers’ Association (BBA) filed for a judicial review against the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS) on the matter of handling Payment Protection Insurance (PPI) complaints.
The principle of the judicial review was about the ability of the FSA and FOS to apply new standards to old sales. The BBA believed the FSA was effectively creating a precedent that permitted it to apply new rules to previous sales – even where those sales were regulated by other FSA rules.
On 20 April 2011, the outcome of the judicial review was announced and the BBA’s judicial review challenge has been dismissed in its entirety. The BBA will announce by 10 May 2011 if it intends to appeal the ruling.
If you wish to make a complaint
If you wish to make a complaint about your PPI you can do so in several ways. There is no need to use a claims management company to complain - it is easiest to make complaints directly to Firstplus. Claim management companies usually take a fee or percentage of any compensation you are paid and your complaint is not dealt with differently or any more quickly.
You can call us on 0845 650 6600 or write to us at
Firstplus Financial Group
Customer Relations
Firstplus Financial Group Plc
The Avenue Business Park
Pentwyn
Cardiff
CF23 8FF
We will ask you to complete a PPI consumer questionnaire from the Financial Ombudsman Service, downloadable from the Financial Ombudsman website - Financial Ombudsman Service. Sending us this form will ensure we have the information needed to process your complaint efficiently and as quickly as practicable.
If you have already made a complaint
If you have already made a complaint about PPI you do not need to do anything. We will be writing to you with an update as quickly as practicable. There is no need to resubmit your complaint or make a new one. We are now working hard to resolve these complaints as soon as we can. Although we are unable to give specific timescales at present, we will provide an update as soon we have more information.
FAQs
Q. What was the outcome of the judicial review?
A. In April the High Court announced that it had dismissed the British Bankers Association (BBA) judicial review challenge of Payment Protection Insurance (PPI) complaint handling. The Court dismissed the judicial review challenge in its entirety.
Q. What has Barclays decided to do? Will it appeal?
A. We have accepted the judgment following the High Court’s decision and we will work closely with the Financial Ombudsman and the Financial Services Authority to make sure we deal with all our PPI complaints appropriately. We will not be supporting any appeal to the High Court judgment.
Q. Why has Barclays taken so long to respond to the outcome of the judicial review?
A. Following the High Court’s announcement we reviewed the judgment thoroughly to understand the details, and consider what this means for Barclays and our customers.
Q. Why has Barclays made a provision of £1bn?
A. We have made a provision of £1bn in relation to the anticipated cost of redress in respect of PPI complaints.
Q. Will Barclays now process those PPI complaints that are on hold?
A. Yes. We will work closely with the Financial Ombudsman Service and the Financial Services Authority to make sure we deal with all our PPI complaints as quickly as practicable.
Q. When am I likely to get my complaint resolved?
A. We will write to customers with existing complaints to update them as quickly as practicable. There may be a short delay while we work through the details. Although we are unable to give specific timescales at present, we will provide an update as soon we have more information.
Q. If I have an existing PPI complaint what do I need to do?
A. Customers with existing PPI complaints do not need to take any action. We will now write to update those customers and work hard to resolve all complaints as quickly as practicable.
Q. I have been approached by a claims management company. What should I do?
A. Our customers can complain to us directly and don’t need to use a claims management company (CMC). A CMC will typically charge an up-front fee or take a proportion of any financial redress. We will assess all complaints sent directly to us in exactly the same way that we treat complaints sent in by a CMC – your complaint is not dealt with differently or any more quickly.
Q. How can customers find out more information?
A. We’ve set up this dedicated website for customers who would like more information about the PPI judicial review and complaint handling. The site will be updated as more information becomes available. The Financial Ombudsman Service (FOS) also provides an independent source of information.
Q. I have an existing PPI complaint, how can I get an update?
A. If a customer has already made a complaint about PPI we will be writing to them with an update as quickly as practicable.
Q. Can I log a new PPI complaint?
A. Yes. If you wish to make a complaint about your PPI you can do so in several ways. There is no need to use a claims management company to complain - it is easiest to make complaints directly to Firstplus.
payment protection insurance announcement - 9 May 2011
