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

marshallka

skv123 wrote: »

From the BBA site:

Payment Protection Insurance - complaints handling
13/10/10

"The BBA's members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If your complaint will be impacted by the judicial review, and cannot be resolved at this point, then your bank will write to inform you.
"Customers should be assured that all complaints will be reviewed - even those delayed by this judicial review process. There is no deadline for receipt of complaints. If customers have a problem regarding PPI they should contact their bank and, if necessary, complain in the normal way."


...does this mean Lloyds have backed down?

Or another way, any "Other" type complaints (not PPI related) will be dealt with???? Don't know TBH but just a thought? People must complain about other things besides PPI!!

This is money have interpreted it like this

Banks will put on hold any complaints which relate to this legal case. This is likely to mean anyone complaining about how they were sold PPI will have to wait until the court case is resolved; other complaints will be dealt with as normal.

Read more: http://www.thisismoney.co.uk/credit-and-loans/ppi-mis-selling/article.html?in_article_id=516343&in_page_id=506&position=moretopstories#ixzz12E8SdEJJ

whizzkid001

Seems Barclays is heading for a showdown too - http://www.mortgagestrategy.co.uk/loans/barclays-latest-lender-to-defy-fsa-on-ppi/1020128.article

debt55

interesting, seems the new rhetoric is they will only review all cases that are not effected by the review...

so does this mean much older cases?

as the rules since 2005 have been pretty clear???

marshallka

whizzkid001 wrote: »

Seems Barclays is heading for a showdown too - http://www.mortgagestrategy.co.uk/loans/barclays-latest-lender-to-defy-fsa-on-ppi/1020128.article

And says here

Yesterday, Lloyds Banking Group announced that customers can continue to log their complaint with the bank but no decisions will be made concerning sales related PPI complaints whilst the judicial review is ongoing.
Today, Barclays, owner of former secured loan lender First Plus, has revealed that it is putting a portion of its complaints on hold as well


I think there would be uproar if they included Firstplus complaints in this as if you want to hold them responsible for a Firstplus complaint you are not allowed!!! They are not related in that way!!

whizzkid001

Although Santander has broken ranks - http://www.thisismoney.co.uk/credit-and-loans/ppi-mis-selling/article.html?in_article_id=516367&in_page_id=506&position=moretopstories

marshallka

A bit more dirt on the banks

http://www.dailymail.co.uk/news/article-1319566/British-banks-warned-investigate-customers-rigorously.html?ito=feeds-newsxml

http://www.google.com/hostednews/ukpress/article/ALeqM5gvM4RvPeDqQ6t1SBGYj70hHpqQkw?docId=N0209641286800320409A

whizzkid001

This just in at the BBC - http://www.bbc.co.uk/news/business-11532197

marshallka

whizzkid001 wrote: »

This just in at the BBC - http://www.bbc.co.uk/news/business-11532197

A long wait then if its not heard until early next year!!

Now, the BBA has said that any cases which could be affected by the outcome of this judicial review - which might not be heard in the High Court until early next year - will be put on hold.
"Where the the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way," the BBA said in a statement.
"If your complaint will be impacted by the judicial review, and cannot be resolved at this point, then your bank will write to inform you."

marshallka

http://www.ft.com/cms/s/2/7da0f454-d6ae-11df-98a9-00144feabdc0.html


However it added: “Customers should be assured that all complaints will be reviewed - even those delayed by this judicial review process.”
The BBA did not make clear which claims might be put on hold. But it is believed that complaints about policies sold before 2005 and disputes about the suitability of the sale are likely to be suspended.
But some legal firms, which deal with PPI compensation claims, say all their claims have been put on hold.

NIGELK_3

marshallka wrote: »

A long wait then if its not heard until early next year!!

Now, the BBA has said that any cases which could be affected by the outcome of this judicial review - which might not be heard in the High Court until early next year - will be put on hold.
"Where the the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way," the BBA said in a statement.
"If your complaint will be impacted by the judicial review, and cannot be resolved at this point, then your bank will write to inform you."

This is outrageous! Will the FSA let these banks get away with this? I emailed both the FSA and Financial Ombudsman on this yesterday and got back their standard email reply. Hopefully thousands of people will do the same to let the regulators know that the banks are trying to pull a fast one here. So far the banks are just asking the High Court for a hearing on whether a judical review can actually take place. It is not the same as a judical review actually happening here and now. Someone has to make a stand. (I emailed Eric Daniels 20 times yesterday - probably to it 200 times today!)