MSE News: Banks put PPI claims on hold in defiance of regulator

debt55

marshallka wrote: »

But things need solid evidence tbf before people will listen. As MSE Guy had not put the story up in the news section no-one would listen.

hmm, think we ALL need to be a little more open minded for sources of information and not believe we are in nazi germany and wait for one outlet/agency to report.

think sky news are solid enough.

kleinman certainly has more inroads to the banking fraternity than anybody off any consumer website.

been reading other consumer forums, seems to be a lot of bad blood between certain sites.

very bizzare indeed.

we certainly dont seem to be pulling in the same direction.

marshallka

debt55 wrote: »

hmm, think we ALL need to be a little open minded for sources of information and not believe we are in nazi germany and wait for one outlet/agency to report.

think sky news are solid enough.

kleinman certainly has more inroads to the banking fraternity than anybody off any consumer website.

MSE Guy was the first to actually confirm it!!!

debt55

marshallka wrote: »

MSE Guy was the first to actually confirm it!!!

i read it first over on kleinman's blog actually, was posted at around 5pm friday... was later over here

marshallka

debt55 wrote: »

i read it first over on kleinman's blog actually, was posted at around 5pm friday... was later over here

Are you on about the blog about the Banks taking the FSA to court? I thought you meant about the fact that LLoyds were defying the FSA... I think that this was first posted here???

debt55

marshallka wrote: »

Are you on about the blog about the Banks taking the FSA to court? I thought you meant about the fact that LLoyds were defying the FSA... I think that this was first posted here???

oh yes sorry, i was on about the fsa going to court bit not lloyds.

think we got an exciting few days ahead of us

is it a coincidence that the FSA got those new powers today?

marshallka

debt55 wrote: »

oh yes sorry, i was on about the fsa going to court bit not lloyds.

think we got an exciting few days ahead of us

is it a coincidence that the FSA got those new powers today?

Isn't it quite!!!! Something happening in the background me think!!! The FSA site keeps crashing for some reason??

pompeyfaith

And who bets that Lloyds banking group will be the first to the new financial markets act 2010 powers imposed on them.

marshallka

pompeyfaith wrote: »

And who bets that Lloyds banking group will be the first to the new financial markets act 2010 powers imposed on them.

Pompey, I posted this in May 2009 and it mentions this collective redress here... just been waiting and waiting ...!!!!

http://www.financial-ombudsman.org.uk/about/board-minutes-may09.pdf

pompeyfaith

Marshallka,

Thank You have saved that to my desktop for reading in the morning.

PF

marshallka

http://www.telegraph.co.uk/finance/personalfinance/insurance/8059659/Lloyds-risks-FSA-clash-over-customer-PPI-complaints.html

Lloyds Banking Group is risking a clash with the regulator by putting some customer complaints about mis-sold payment protection insurance (PPI) on hold until a forthcoming judicial review is heard.

The Financial Services Authority (FSA) reiterated that it expected all banks to continue handling PPI complaints during this legal process.

Others banks, including Barclays, HSBC and Royal Bank of Scotland said yesterday they were reviewing their PPI complaints process;

Last week the BBA announced it was seeking a review of FSA rules on PPI complaints.
These rules, due to come into effect on December 1, would mean banks have to consider millions of PPI complaints against new sales standards, designed to stop highly pressurised sales tactics. This could lead to compensation for up to 3m customers, costing some £2bn.
Lloyds Banking Group, which includes Halifax and Bank of Scotland, said while it was talking to the FSA and the Ombudsman it had "no option but to put complaints on hold."
But a statement issued by the British Bankers' Association (BBA) last night said only claims "directly impacted by the judicial review" would be delayed.

But the FSA is not expected to grant a general "waiver" effectively allowing banks to freeze complaints, as it did during legal action on bank charges.
But the BBA statement indicates the FSA may accept some complaints will be delayed. Banks are required to tell customers if they complaint is affected by this review.
Over the past five years the FSA has issued 24 separate enforcement procedures over PPI failings.
The FSA said dissatisfied customers remained free to take their case to the Ombudsman, which currently settles around 80pc of such cases in the consumer's favour. PPI is routinely sold alongside loans and credit cards, but these policies can be expensive and riddled with exclusions.