Online PPI Resources

di3004

Has this one been posted here before, sorry not had time to check right through.

http://www.competition-commission.org.uk/rep_pub/reports/2009/fulltext/542_2_9.pdf

PPI value chain

1. The purpose of this appendix is to provide details of the participants in the value
chain for PPI, the principal activities they perform and their business models. The
appendix also describes how contracts for the provision of PPI are awarded, and the
main characteristics of the contractual arrangements regulating the relationships
between distributors and underwriters.

The participants in the PPI value chain and their activities

2. The main participants in the product development, distribution and administration of
PPI are:

•

insurers/underwriters;

•

credit providers or distributors;1 and

•

intermediaries (eg brokers, independent financial advisers (IFAs)).

Other participants in the value chain include third party service providers such as
claim administrators (eg Cassidy Davis) and insurance underwriting brokers (ie

providers of insurance broking services to companies).

Underwriters

3. The insurers or underwriters of PPI products take on the risk

2 of a customer’s inability

to meet financial obligations arising from a loan or other credit agreement because of
unexpected events such as unemployment, accident, sickness or death. To insure
these risks, underwriters charge the customer a premium. As with general insurance
policies, by stipulating the benefits in the insurance products they offer, underwriters
can ensure that payments are made to those customers who are eligible to receive
them. By stipulating the exclusions, underwriters can restrict the circumstances under
which a claim would be paid, and thus reduce the level of the risk underwritten.
4. The activities typically, but not exclusively, carried out by underwriters include:

(a)

underwriting;

(b)

claims management;

(c)

policy administration, which involves:

(i) premium collection;

3
(ii) record keeping; and

1

We use the term ‘distributor‘ by which we mean distributors operating at the retail level (ie distributing PPI to retail customers).

Wholesale distributors (distributing credit products and PPI to companies, eg Lloyds TSB Asset Finance Division) are not
discussed in this appendix.
2

Some of this risk can be taken on by the distributor or intermediary through profit-sharing arrangements.

3

Distributors can also collect premium on behalf of underwriters, undertake record keeping, and deal with complaints and
perform all administration, including claims management.


More on the link above.

marshallka

A good source of treating customers fairly/complaints handling by the FSA

http://www.fsa.gov.uk/pages/Doing/Regulated/tcf/pdf/complaints.pdf

di3004

As on FOS website.

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html#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.

MissDebLee

I'm trying to persue a PPI refund via loans Etc, however I've hit a block as I do not have the policy booklet to identify the underwriter! Does anyone have a booklet which I can copy or knowledge of the underwriter. My loan was taken out in 2004. Thanks.

marshallka

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/93/93-distressandinconvenience.html

ombudsman focus: compensation for distress, inconvenience or other non-financial loss

So what does this mean for anyone that has a sort of redress by what the banks call Goodwill??? Is it then they can complain again in all fairness. Look at all them that had the £750 payout from RBS (I think)? How is is defined then?

amersall

MissDebLee wrote: »

I'm trying to persue a PPI refund via loans Etc, however I've hit a block as I do not have the policy booklet to identify the underwriter! Does anyone have a booklet which I can copy or knowledge of the underwriter. My loan was taken out in 2004. Thanks.

Hi there, post this on here

https://forums.moneysavingexpert.com/discussion/1460775

You will get all the help you need.

marshallka

This is a bit of information about secured loans and regulation. I can only cached it as if i click direct from Google I only get secured loan adverts but quite a good bit of info

http://webcache.googleusercontent.com/search?q=cache:ivu9_5V7iTkJ:www.buzzle.com/editorials/9-5-2006-107685.asp+regulation+of+secured+loans&cd=15&hl=en&ct=clnk&gl=uk&source=www.google.co.uk

di3004

Posted on behalf of Amersall.

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


FSA grants temporary extension for some PPI complaints.


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.

marshallka

This is a good site for looking up sort codes of banks etc
http://findsortcodes.co.uk/

Not exactly PPI related though so please feel free to remove.....but maybe good for looking where your payments go to????

Pixel-jockey

I'd not seen "can you trust them" before, looks like a very powerful resource, thank you.