MSE News: Banks bid to block PPI compensation

newcastle_neil

Just been told by HSBC that my complaint they have had for 7 weeks is now being held due to the BBA action. Shows how much respect HSBC have for the FSO and FSA who have come out and said that banks should contnue to process complaints. Th eteam leader at HSBC also told me that it was currently taking upto 20 weeks if not longer to investigate complaints.

NIGELK_3

Re HSBC. Contact them again to stress that FSA expects firms to continue to deal with ongoing complaints and if they still insist on putting your claim on hold - report them to the Financial Ombudsman. Also I thought there was a 8 week deadline to respond to complaints?

Alpine_Star

dunstonh wrote: »

Ok, so are you saying that 90% of MPPI cases are upheld or 90% of standalone PPI or credit card PPI or loan PPI or secured loan PPI or storecard.......

If this is a question, no.

notveryhappi.

NIGELK wrote: »

Re HSBC. Contact them again to stress that FSA expects firms to continue to deal with ongoing complaints and if they still insist on putting your claim on hold - report them to the Financial Ombudsman. Also I thought there was a 8 week deadline to respond to complaints?

Unfortunately it does not work like that

The top boss says no ppi final responses can be issued and thats that

At the 8 week stage the fos referal rights will be issued. The case will go to fos. Fos will be snowed under and when they get around to looking at it the bank will refuse file requests stating it is due to judicial review.

Its like bank charges all over again

di3004

For anyone that have been informed (verbally) by your bank that they are not investigating complaints, just contact the FSA, check if there have been a waiver on this yet!

Arh right.......just came across the news update on here now...

http://www.moneysavingexpert.com/news/reclaim/2010/10/lloyds-puts-ppi-claims-on-hold-in-defiance-of-regulator?utm_source=forum&utm_medium=sidebar&utm_campaign=box

pompeyfaith

Unfortunately it does not work like that

The top boss says no ppi final responses can be issued and thats that

At the 8 week stage the fos referal rights will be issued. The case will go to fos. Fos will be snowed under and when they get around to looking at it the bank will refuse file requests stating it is due to judicial review.

Its like bank charges all over again

WRONG please do not breed mis-information it is nothing like the bank charges test case this is a judicial review totally different.

The FSA and the FOS has made it very clear on there websites which BTW is were everyone with complaints should be going if they are told different.

Nothing has changed as far as complaints are concerned they will be processed by the FOS as per usual and the same applies to the financial industry as no waiver has been granted.

This JR is not about the product but a review about the new rules applied as of the 1st December 2010.

PF

pompeyfaith

http://www.moneysavingexpert.com/news/reclaim/2010/10/lloyds-puts-ppi-claims-on-hold-in-defiance-of-regulator?utm_source=forum&utm_medium=sidebar&utm_campaign=box

That is totally wrong they cannot do that, think there will be some serious a** kicking in the morning.

Banking call centres will be very busy tomorrow lol

di3004

I agree PF, a rod made for their own backs yet again!

Another stalling tactic i believe as well!
Oh well more backlogs to come then.

I thought they would have to have been given a waiver first, have I mis read something?

Di

pompeyfaith

I still maintain that post 47 stands and if anyone is told different they inform the FSA and FOS you are right though they cannot just imposes restrictions of there own back it has to be done via the FSA who are there regulators.

It is very unwise for them to be jumping the gun.

PF

di3004

pompeyfaith wrote: »

I still maintain that post 47 stands and if anyone is told different they inform the FSA and FOS you are right though they cannot just imposes restrictions of there own back it has to be done via the FSA who are there regulators.

It is very unwise for them to be jumping the gun.

PF

Yes definately!
I will also be contacting them tomorrow.

I know I left 2 of mine a little late and only posted them out today, I don't mind waiting due to a recent unexpected windfall from them (lloyds) from a previous upheld complaint, but its others here and its just not fair with not being given any written confirmation on this to confirm, which I think should come from the FSA.