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MSE News: Legal challenge to PPI deadline launched
Legacy_user
Posts: 0 Newbie
The FCA has been sent a letter kick-starting the legal process which could lead to a judicial review of the PPI deadline...
Read the full story:
'Legal challenge to PPI deadline launched'
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'Legal challenge to PPI deadline launched'
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Interesting but I suspect it wont get anywhere as the banks lost the case against the FCA originally on the basis that the FCA did have the ability to set the rules (simplification alert but that is what it boiled down to). This seems to be using the argument that the FCA doent have that ability yet the courts already said it does.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I was glad to hear there was a deadline, just so it can put an end to those annoying radio adverts!0
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I'm getting fed up with the compensation industry - including this web site - trying to drag the whole PPI thing out forever. If people want to claim, they have had ample time to do so. If they don't see any need to claim, then they shouldn't be constantly pestered by claims companies.If it sticks, force it.
If it breaks, well it wasn't working right anyway.0 -
I'm getting fed up with the compensation industry - including this web site - trying to drag the whole PPI thing out forever. .
It should go on forever. Please remember that the banks, etc. were deliberately mis-selling PPI so they deserve to be punished for their incompetence however long it takes. I have a friend, who used to work in one the banks, readily admits that he was deliberately mis-selling PPI to customers. If he did not achieve his PPI quotas, he was threatened that he would not get a bonus and his team leader had a board, which the whole team could see, to show how much PPI the team had sold.
I really hope that the CMC wins the court case but I doubt that they will.0 -
It should go on forever. Please remember that the banks, etc. were deliberately mis-selling PPI so they deserve to be punished for their incompetence however long it takes.
You also need to take into account the try-it-on complaints and the knock on effects with genuine insurance.
For example, many firms are reporting around half the PPI complaints they get don't even have PPI. These people are making all sorts of allegations falsely.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It should go on forever. Please remember that the banks, etc. were deliberately mis-selling PPI so they deserve to be punished for their incompetence however long it takes. I have a friend, who used to work in one the banks, readily admits that he was deliberately mis-selling PPI to customers. If he did not achieve his PPI quotas, he was threatened that he would not get a bonus and his team leader had a board, which the whole team could see, to show how much PPI the team had sold.
I really hope that the CMC wins the court case but I doubt that they will.
I'd agree so long as you agree anyone who puts in a complaint alleging miss-selling who doesn't actually even have PPI will be prosecuted for fraud.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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After reading about the challenge to the PPI deadline, I would like to point out that the FCA can set its own rules, and has been granted such powers by the government when it was set up.
As a compliance officer for a Authorised and Regulated credit company.
I can tell you at our trade conference last year, one of the guess speakers was a solicitor, this speaker basically said the FCA can now write its own rules and as such courts don't really have powers in the new governance of the financial industry.
This works well for the public normally, as often the FCA puts the public before the company as per its principles.
Principle 6 basically says companies have to put you their customers at the heart of their business decisions.
Warning
A company is allowed to make profit and can argue giving you a CCJ will help you learn to manage your money better, as you won't have such easy access to credit so the credit you get will be less and hopefully more manageable, they can also argue that a CCJ or default on your credit file, helps other lenders understand that you have issues managing your money at the time the CCJ was granted.
Remember a credit company is offering you a service to make money out of you, as long as they are up front about costs and don't plan to make profit from you defaulting on repayments then they are following the guidance currently in place.0 -
Banks and credit card companies are not charities nor should they be expected to act like them. They make money so the good customers benefit and I would expect them to punish the bad ones who try and rip them off as well as offer help to the ones in genuine need.
A CCJ would never ever ever be anything but the end of a long line of help that the person has refused and even then they can still pay and avoid it. The credit system, especially the reference agencies, help other companies avoid the bad debtorsSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I am very much looking forward to the FCA eventually being responsible for regulating the cesspit that is the claims industry, and I hope that We Fight Any Claim's application for authorisation is given extra special 'attention' when the time comes.......0
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