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

notveryhappi.

I will not reveal my source but take it from me that at least one bank will be putting their ppi complaints on hold from now

debt55

notveryhappi. wrote: »

I will not reveal my source but take it from me that at least one bank will be putting their ppi complaints on hold from now

is that the one you work for?

cs1

FSA/PN/153/2010
8 October 2010
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.

debt55 wrote: »

is that the one you work for?

if you like

debt55

notveryhappi. wrote: »

if you like

how convienient you joined today, and the very first posts are on this subject.

if you had "inside info" on the meeting weeks back... why did you not pipe up then? i wonder

you fool nobody but yourself.

remeber the FSA are the boss, they run the banks, not the other way around... also a new government will not want to upset the electorate straight away.

unlucky, now scurry back to that complaints department son.

debt55

FOS business as usual...

http://www.financial-ombudsman.org.uk/news/index.html

latest news

legal action on payment protection insurance (PPI)


8 October 2010
the ombudsman will continue as normal to handle consumers' complaints about payment protection insurance – despite the legal action ("judicial review") launched today by the British Bankers Association (BBA) against the FSA and the Financial Ombudsman Service on the approach to PPI complaints handling

marshallka

http://online.wsj.com/article/BT-CO-20101008-708972.html

LONDON (Dow Jones)--The U.K. Financial Services Authority said Friday it will contest the British Bankers' Association's judicial review of new payment protection insurance complaints handling measures.
MAIN FACTS:
-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.
-In the last five years there have been more than a million complaints made to firms about PPI.
-Since the FSA took on regulation of PPI in 2005 it has taken enforcement action against 24 firms for sales failings.
-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.
-That is why the FSA will vigorously contest the BBA's judicial review of the new complaint handling procedures for the PPI market.
http://www.moneymarketing.co.uk/protection/bba-launches-judicial-review-against-fsa-and-fos/1019961.article

notveryhappi.

debt55 wrote: »

how convienient you joined today, and the very first posts are on this subject.

if you had "inside info" on the meeting weeks back... why did you not pipe up then? i wonder

you fool nobody but yourself.

remeber the FSA are the boss, they run the banks, not the other way around... also a new government will not want to upset the electorate straight away.

unlucky, now scurry back to that complaints department son.

I never said I had insider info on the meeting weeks back. What I said was there were secret talks, something I only found out today but you seemed to know about already

The FSA new guidelines

''require firms to analyse past complaints to identify if there are serious flaws in sales practices that may have affected complainants and even non-complainants''

This would,in my opinion mean that, all sales of single premium ppi amongst others would need to be looked at by the banks even if a customer has not complained

Again, in my opinion, the banks have thrown their toys out of the pram and the likely fine by the FSA for not answering complaints within the 8 week period will be a lot less than having to pay out on every single ppi premium sold

The FSA is not going to withdraw the licence of all big 5 banks unless, again, you know something I dont

debt55

i never said they were going to...i said they "could" if they wanted.

nice backtracking, but we saw the true colours early doors.

notveryhappi.

debt55 wrote: »

i never said they were going to...i said they "could" if they wanted.

nice backtracking, but we saw the true colours early doors.

i haven't back tracked, you didn't read my comments correctly

just beacuse it is a first post does not mean the information is not correct, only time will tell