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

di3004

The_Pixi wrote: »

Well there you go then, I guess Santander isn't always rubbish. :beer: As was mentioned above, they didn't have to and to be honest I would never have even realised I had been done over originally :rotfl:

good luck everyone else.

A big Well done!:beer::beer:

marshallka

Don't know if this has been posted so ignore if it has

http://www.which.co.uk/news/2010/10/high-street-banks-put-ppi-complaints-on-hold-233683/

Nearly all of the UK’s high street banks have confirmed that they will be stopping their reviews of payment protection insurance (PPI) complaints while they wait for the results of a judicial review on claiming for PPI misselling to emerge.
Following an announcement on 12 October from Lloyds that the banking group would no longer be processing PPI complaints, Barclays, HSBC, Co-op and Royal Bank of Scotland have all confirmed to Which? that complaints affected by the review would be put on hold until the outcome of the review.
Only Santander has promised to continue to process complaints on PPI as usual.

Superstylin_2

I was waiting for something like this, and to be perfectly honest I'm suprised it's taken this long! Any way they can delay or possibly stop altogether paying people out money thats rightfully owed to them then they are going to do it, aren't they.

My PPI was refused by Lloyds but accepted by the FOS. I'm now waiting on Lloyds TSB to send me a letter confirming the amount and then put the money in my account, thats it. I can't help but feel a little sceptical as to whether thats actually going to happen now (i know what the article says but i've been with Lloyds for a long time too!). If it doesn't though, I'm going to go absolutely mental after nearly a year of letter writing and chasing phone calls!!!

They take it away quite happily, but they dont want to give it back do they!

grasshopper1927

marshallka wrote: »

Don't know if this has been posted so ignore if it has

Following an announcement on 12 October from Lloyds that the banking group would no longer be processing PPI complaints, Barclays, HSBC, Co-op and Royal Bank of Scotland have all confirmed to Which? that complaints affected by the review would be put on hold until the outcome of the review.
Only Santander has promised to continue to process complaints on PPI as usual.

Hi there, Its still unclear whether existing complaints will be upheld or they are just not taking any new ones?

I have one with the FOS now, it has been upheld by an adjudicator, lloyds didnt respond within two weeks so its waiting to go to an ombudsmen for final rulling. Not sure where I stand with that now..

cheers :beer:

marshallka

For anyone that wants to know why the banks are fighting back here

http://www.bba.org.uk/media/article/ppi-factsheet

Here is the key wording
What is the case about?

This judicial review is not simply about PPI: it is about the ability of the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS) to apply new standards to old sales.
The FSA recently published a policy statement and open letter to the industry advising they should consider complaints about PPI not just by reference to the detailed conduct of business rules which applied at the time but also to standards that are based on the FSA’s guiding principles for doing business. The BBA has applied to the Courts for a judicial review of (i) the FSA’s approach contained in its policy statement, and (ii) the Financial Ombudsman Service’s approach to PPI sales complaints contained in its guidance


We believe the FSA is effectively creating a precedent which permits it to apply new rules to previous sales – even where those sales were regulated by other FSA rules.
Therefore this ruling might not only affect customers who have bought PPI, but might also set a precedent that could affect all products regulated by the FSA

stargirl55

kpwll wrote: »

I received a letter in September from FOS re credit card claim against LTSB (been with them since May 08, upheld May 09 but ignored by Lloyds, then up held again and ignored and was in the queue for the Ombudsman**) stating that Lloyds had now agreed to settle the matter in accordance with FOS rules. Signed the acceptance and sent it back to FOS. Was a bit(!!!) concerned at what's going on so this morning I phoned the FOS. They told me that as far as they were concerned it was business as usual and they were processing my claim for Lloyds BUT until they received clarification from their legal team they did not know what was happening with any claims.
It has been over 3 years since I 1st contacted Lloyds about this, I just hope it hasn't collapsed at the last hurdle.

** I have read that quite a few people have been sent similar letters to mine and (being the cynical person I am) I'm wondering if Lloyds have agreed to settle so that we are taken off the Ombudsman's list (which of course is binding if found in your favour) so that they still don't have to pay out until much later if at all!!!!
I just hope I'm seeing conspiracies and not fact.

I had my reply in July and returned the form straight away. I am still waiting to hear from Lloyds 10 weeks later. So close, but were they delaying because they knew this was going to happen? Lloyds told me yesterday my case was still with the FOS. Have they returned the form to Lloyds? I would have thought so, they even sent me a form to fill in asking if I was satisfied with their service. Just wish I knew if I was going to get my money back.

singlep

The act of parliament, the Regulated Activities Order, 2000, for financial services has very strict behavioural rules for the owners of firms who hold more than 10 or 20% of shares. The FSA refers to them as Controllers. In the case of Lloyds and RBS the Government is the Controller and should be asked to state why it supports the PPI complaints freeze. No bank should be able to request a judicial review without the support of their largest shareholder No doubt the Gov will claim some obscure exemption but we should write to our MPs and demand an explanation. (This was not possible for bank charges as it is not a regulated product). Will the FSA ask the Gov/Controller to explain? Perhaps Martin will produce a template letter for MPs?

di3004

singlep wrote: »

The act of parliament, the Regulated Activities Order, 2000, for financial services has very strict behavioural rules for the owners of firms who hold more than 10 or 20% of shares. The FSA refers to them as Controllers. In the case of Lloyds and RBS the Government is the Controller and should be asked to state why it supports the PPI complaints freeze. No bank should be able to request a judicial review without the support of their largest shareholder No doubt the Gov will claim some obscure exemption but we should write to our MPs and demand an explanation. (This was not possible for bank charges as it is not a regulated product). Will the FSA ask the Gov/Controller to explain? Perhaps Martin will produce a template letter for MPs?

Welcome back singlep.;)

di3004

grasshopper1927 wrote: »

Hi there, Its still unclear whether existing complaints will be upheld or they are just not taking any new ones?

I have one with the FOS now, it has been upheld by an adjudicator, lloyds didnt respond within two weeks so its waiting to go to an ombudsmen for final rulling. Not sure where I stand with that now..

cheers :beer:

Hiya

The one upheld is an ongoing case and you should be okay, there may be perhaps little delays in paying out, but this is not going to be involved with the frozen cases.:)

di3004

stargirl55 wrote: »

I had my reply in July and returned the form straight away. I am still waiting to hear from Lloyds 10 weeks later. So close, but were they delaying because they knew this was going to happen? Lloyds told me yesterday my case was still with the FOS. Have they returned the form to Lloyds? I would have thought so, they even sent me a form to fill in asking if I was satisfied with their service. Just wish I knew if I was going to get my money back.

Hi

If yours is an ongoing case, you should be okay too, its not treated as a new case, my hubby received an email back from his adjudicator the other day and they confirmed his will also be okay as its a case already been dealt with in so many words.;)