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

TheBigDog

marshallka wrote: »

FSA vows to act on products similar to PPI


The FSA is keeping an eye on modified versions of the controversial payment protection insurance, the regulator has warned

http://www.ftadviser.com/FinancialAdviser/Regulation/Regulators/FSA/News/article/20101111/68113984-e8c7-11df-93f5-00144f2af8e8/FSA-vows-to-act-on-products-similar-to-PPI.jsp

Rather than look at similar products, wouldn't it be a better idea to "intervene early" on the current fiasco and ask why are the banks putting claims on hold when they have no legal right to do so?
I don't think it's going to be too long before people start taking their wrath out on the FSA to be honest, because I'm considering it. The facts are, as I see them, are follows:

1. PS10/12 coming into force on 01/12/2010.
2. BBA launch Judicial Review.
3. Banks put claims on hold when they are specifically directed to keep investigating complaints.
4. FSA do nothing.

OK. We all know that banks are the real culprits in all of this, however, lets not forget - the FSA are the body who want to implement PS10/12. They've played right into the hands of the banks and the BBA JR is the excuse the banks need to delay complaints, which they're obviously doing to the maximum. The ball has very firmly been in the FSA's court for nearly 5 weeks, and we've heard nothing from them, except they keep trotting out the same old line - its business as usual, lenders have to keep dealing with complaints etc etc. Well sorry, FSA - it's wearing a bit thin now because it's blatantly obvious that banks aren't dealing with complaints and they don't give a monkeys. Who the hell is in charge here - you or the banks? From where I'm seeing it, the banks are firmly in the driving seat and they are getting away with murder and you're allowing them to do so.
Yet again, the people who are suffering in all this are the general public, as the regulator sits back and does nothing.
On a secondary note - the longer this carries on, then the real casualties are going to be the CMC's because our income will dry up and we'll all go bust. The FSA need to tread carefully, because if CMC's do start going bust, the FSA might find a few more writs on their doorstep for regulatory negligence. I dont think that the banks will win the JR, but I'd love to see a QC in the High Court asking the FSA why did they allow the banks to put all claims on hold and do nothing?
I think I'll be safe for the time being, because I've got a good size pipeline, however, any business that has the money tap turned off will eventually fail.

Rant over,

TBD.

PS - I can report a £5k uphold this morning from RBS on a PRE 2005 loan.

petecorfu

debt55 wrote: »

whoever told you that is talking rubbish, we have heard that many times on this thread, but the fact remains all claims are not on hold and lloyds are still paying out.

Just be patient is the only advise i can give you, they have a massive backload... Created entirely on purpose of course.

But you will be paid if 4 seperate people told you it had been upheld.

i think you are so right on the banks knives are out for the cmc's

petecorfu

TheBigDog wrote: »

Rather than look at similar products, wouldn't it be a better idea to "intervene early" on the current fiasco and ask why are the banks putting claims on hold when they have no legal right to do so?
I don't think it's going to be too long before people start taking their wrath out on the FSA to be honest, because I'm considering it. The facts are, as I see them, are follows:

1. PS10/12 coming into force on 01/12/2010.
2. BBA launch Judicial Review.
3. Banks put claims on hold when they are specifically directed to keep investigating complaints.
4. FSA do nothing.

OK. We all know that banks are the real culprits in all of this, however, lets not forget - the FSA are the body who want to implement PS10/12. They've played right into the hands of the banks and the BBA JR is the excuse the banks need to delay complaints, which they're obviously doing to the maximum. The ball has very firmly been in the FSA's court for nearly 5 weeks, and we've heard nothing from them, except they keep trotting out the same old line - its business as usual, lenders have to keep dealing with complaints etc etc. Well sorry, FSA - it's wearing a bit thin now because it's blatantly obvious that banks aren't dealing with complaints and they don't give a monkeys. Who the hell is in charge here - you or the banks? From where I'm seeing it, the banks are firmly in the driving seat and they are getting away with murder and you're allowing them to do so.
Yet again, the people who are suffering in all this are the general public, as the regulator sits back and does nothing.
On a secondary note - the longer this carries on, then the real casualties are going to be the CMC's because our income will dry up and we'll all go bust. The FSA need to tread carefully, because if CMC's do start going bust, the FSA might find a few more writs on their doorstep for regulatory negligence. I dont think that the banks will win the JR, but I'd love to see a QC in the High Court asking the FSA why did they allow the banks to put all claims on hold and do nothing?
I think I'll be safe for the time being, because I've got a good size pipeline, however, any business that has the money tap turned off will eventually fail.

Rant over,

TBD.

PS - I can report a £5k uphold this morning from RBS on a PRE 2005 loan.

ME TOO! nationwide £1777.15 put in 21st oct 2010 and paid today! so they are leaking through! if you want a moan there is an official fsa mail box for this situation! fcc@fsa.gov.uk im to small to fail at the moment and have mis sold endowment and credit cards charges refunds to keep me going! to the 6 month fos turn around picks me back up!
i think your eloquence with letter writing bigdog will do the trick! and then post it on here!!

Jandee

I wrote to the bank in August 2010 with my complaint for mis sold PPI I recived a settlement figure for one 2 days agoe and was expecting the 2 others to follow but had a letter saying it has been put on hold because of the court case.
This does not seem fair as they were all sent on the same claim?
Anyone got any help

di3004

Jandee wrote: »

I wrote to the bank in August 2010 with my complaint for mis sold PPI I recived a settlement figure for one 2 days agoe and was expecting the 2 others to follow but had a letter saying it has been put on hold because of the court case.
This does not seem fair as they were all sent on the same claim?
Anyone got any help

Hi there

I would give them a ring on this.
I take it these were all dealt with the same time then?

Alpine_Star

TheBigDog wrote: »

They've played right into the hands of the banks and the BBA JR is the excuse the banks need to delay complaints, which they're obviously doing to the maximum...........PS - I can report a £5k uphold this morning from RBS on a PRE 2005 loan.

Not quite the maximum then.

The fact is that you don't know that the FSA is doing nothing just because you haven't heard about it. They are not known for giving running commentaries on investigative work.

TheBigDog

Alpine_Star wrote: »

Not quite the maximum then.

The fact is that you don't know that the FSA is doing nothing just because you haven't heard about it. They are not known for giving running commentaries on investigative work.

True - I don't know, but I am hoping that they are going to show us something in the not too distant future. Without a doubt, there are some banks which seem to be still investigating, but there are some that have got a virtual blanket hold on all cases, which is directly conflicting with what the Regulatory bodies have said. I feel that this is unacceptable bearing in mind we've been in this position for nearly 5 weeks. For all I know, the FSA could hand out the biggest regulatory fine ever tomorrow morning. However, I'm calling it the way I see it.

amersall

debt55 wrote: »

sorry but you may have the figs wrong here

like any service/product you pay VAT on its charged on the actual amount at said percentage... not on top

so for your example

its not 25% + 17.5% = 42.5%

but 25% (+17.5% of that) which = approx 29%

Oh thats alright then!!! ONLY 29% :rotfl::rotfl::rotfl:
And all it cost me was 2 first class stamps :D:D
No contest

tiggrae

Jandee wrote: »

I wrote to the bank in August 2010 with my complaint for mis sold PPI I recived a settlement figure for one 2 days agoe and was expecting the 2 others to follow but had a letter saying it has been put on hold because of the court case.
This does not seem fair as they were all sent on the same claim?
Anyone got any help

take your complaint on the 2nd 2 to the Financial Ombudsman Service, I'd do it ASAP as they're going to be inundated soon with 'on hold' complaints

Jandee

di3004 wrote: »

Hi there

I would give them a ring on this.
I take it these were all dealt with the same time then?

Yes all were on the same claim form so I would of thought that as one was settled the other two would be