Banks to challenge ppi mis-selling - all claims on hold

notveryhappi.

Heard today that major banks are challenging ppi mis-selling and are putting all complaints on hold - similar to bank charges

Can Martin make a comment on this

Regards

debt55

The Financial Services Authority (FSA) will contest the British Bankers’ Association’s (BBA) judicial review of new payment protection insurance (PPI) complaints handling measures."In the interests of consumers, firms will be expected to continue handling complaints while this process is ongoing. If consumers are unhappy with how their complaint has been handled they may refer it to the Financial Ombudsman Service (Ombudsman).
"In the last five years there have been more than a million complaints made to firms about PPI. In 2009/2010 alone, customers referred 49,196 complaints to the Ombudsman which then upheld nine out of ten in the complainant’s favour.
"Since the FSA took on regulation of PPI in 2005 it has taken enforcement action against 24 firms for sales failings. The FSA has carried out three thematic reviews, issued warnings, halted the selling of single premium PPI with unsecured personal loans and visited over 200 firms in order to improve the market.
"The FSA strongly believes that the package of new complaint handling measures outlined in policy statement 10/12 is a sensible and fair solution for consumers and the industry alike. And that is why the FSA will vigorously contest the BBA’s judicial review of the new complaint handling procedures for the PPI market."

notveryhappi.

There were secret talks a few weeks ago and it now looks like Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS) are to put all PPI complaints on hold ...

debt55

notveryhappi. wrote: »

There were secret talks a few weeks ago and it now looks like Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS) are to put all PPI complaints on hold ...

said who? FSA have said they expect them to contiune handling complaints as the issue they are aguing about is more to do with retrospective claims.

who do you work for? :rotfl:

notveryhappi.

debt55 wrote: »

The Financial Services Authority (FSA) will contest the British Bankers’ Association’s (BBA) judicial review of new payment protection insurance (PPI) complaints handling measures."In the interests of consumers, firms will be expected to continue handling complaints while this process is ongoing. If consumers are unhappy with how their complaint has been handled they may refer it to the Financial Ombudsman Service (Ombudsman).
"In the last five years there have been more than a million complaints made to firms about PPI. In 2009/2010 alone, customers referred 49,196 complaints to the Ombudsman which then upheld nine out of ten in the complainant’s favour.
"Since the FSA took on regulation of PPI in 2005 it has taken enforcement action against 24 firms for sales failings. The FSA has carried out three thematic reviews, issued warnings, halted the selling of single premium PPI with unsecured personal loans and visited over 200 firms in order to improve the market.
"The FSA strongly believes that the package of new complaint handling measures outlined in policy statement 10/12 is a sensible and fair solution for consumers and the industry alike. And that is why the FSA will vigorously contest the BBA’s judicial review of the new complaint handling procedures for the PPI market."

The FSA are to contest but it does not stop the banks going to court and whilst that court case drags on, the banks will not deal with ppi mis-selling complaints and effectively put them all on hold, similar to the bank charges

debt55

notveryhappi. wrote: »

The FSA are to contest but it does not stop the banks going to court and whilst that court case drags on, the banks will not deal with ppi mis-selling complaints and effectively put them all on hold, similar to the bank charges

have a day off, i see you only joined today?

hahhaa

the banks are regulated and licensed by the FSA, if the FSA say continue handling complaints... and they disobey.... they can revoke their regualtion.

you are the weakest link... goodbye :T

notveryhappi.

debt55 wrote: »

have a day off, i see you only joined today?

hahhaa

the banks are regulated and licensed by the FSA, if the FSA say continue handling complaints... and they disobey.... they can revoke their regualtion.

you are the weakest link... goodbye :T

ok but you heard it here first

debt55

http://www.fsa.gov.uk/Pages/consumerinformation/product_news/insurance/payment_protection_insurance_/ppi_changes/index.shtml

and so did you

who do you work for?

robbedofmymoney

notveryhappi. wrote: »

There were secret talks a few weeks ago and it now looks like Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS) are to put all PPI complaints on hold ...

the talks weren't that secret, they were all over the tabloids,
as debt55 mentions, the review is about the retrospective handling of claims, not about wether the miss-selling occurred.

time will tell what ultimatley happens, the FSA at long last are really backing the consumer to the hilt.

well done to the FSA (for once)

debt55

the banks will face a mighty backlash on this, what idiots, rob the public, then ask them to bail you out of trouble... get rich again... and then spit in the face of the consumer.

lol, the FSA will need to show some muscle and revoke licenses.

i suggest we start a campaign, well martin should, asking the public to boycott any bank that tries to stop complaint handling.

metro bank could win bigtime here, they have no ppi complaints, and would be more than willing to take on a few million new accounts.

cs1

BBA statement on PPI

The BBA said in a statement:

"The British Bankers' Association regrets that today it has had to file papers with the high court asking for some decisions made by the Financial Services Authority and the Financial Ombudsman Service to be judicially reviewed. This relates to the proposed new rules that are due to be implemented at the end of this year on handling payment protection insurance complaints.

"It has unfortunately been necessary to do this because there is insufficient legal clarity about what the FSA and FOS is proposing in this area. Everyone's actions must be assessed on the basis of a proper understanding of the relevant law and regulation and this procedure will bring this about.

"We will continue to explore all opportunities for dialogue with the FSA to resolve the industry’s concerns. No one wants to go to court but the law needs to be clear. We hope to get this resolved as quickly as possible.”