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MSE News: Banks put PPI claims on hold in defiance of regulator
Comments
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shut up, you are plain ranting :rotfl:
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The MoneySavingExpert.com forum is a place to share info and tips with others, discuss MoneySaving and pick up ways to save. We hope you’ll enjoy it, but ask you to remember it’s a broad church with many different types of people. Follow these basic rules to make it a good place to be.
- Please be nice to all MoneySavers : There's no such thing as a stupid question and, even if you disagree, courtesy helps.
- Don't feed the trolls : Sadly the web has a habit of throwing up a very small but vocal number of trolls, people who are nasty or contrary just to get a rise out of you. If someone’s doing this, simply don’t reply, just report it to [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL]. If you get involved and fling mud back, you risk being barred from using the forum too.
trolls add no value, welcome aboard!
apart from silly lions.. what you added here?0 -
:rotfl::rotfl::rotfl::rotfl:pmsl.tell me when we are at a good point in the 28 day cycle and i will b re a k it down in n i c e and e a s y terms for you
only certain types were (always) going to bite :cool:
watch em folks!
..............
How many wolves in sheeps clothing out today?
watch em folk.. they are ever so helpful
...............
for an etch-a-sketch? :j
...............
kettle and black pots come to mind here !!!!0 -
I am amazed at this thread--truly amazed--what the f*ck does it matter anyway--all posts in this thread willnot change anything whatsoever---so why fall-out for Christs sake!!aka Calculator
My grandmother started walking five miles a day when she was 60. Now she's 97 years old and we don't know where the hell she is.0 -
http://www.mortgagestrategy.co.uk/features/the-only-way-is-up/1021969.article
Below a section taken from full article which can be found on above link.
The AFB and the Association of Mortgage Intermediaries will continue to work hard to make sure the secured loan sector is protected,” he says.
Apart from the threat of regulation, the sector is also likely to suffer from the fallout of the FSA’s payment protection insurance guidelines. A lot of secured loan firms have relied heavily on PPI sales in the past. The FSA has so far taken action against 24 firms for failings in PPI sales since 2005, with fines totalling nearly £13m. It has also stopped the sale of single premium PPI.
It says in the past five years there have been over a million PPI complaints. Firms on average reject around half the PPI complaints they receive, but some reject nearly all the complaints. The FSA has released guidelines for firms that sold PPI on how they should deal with complaints. These guidelines need to be in place by December 1, but some of the big banks have rebelled against them and are refusing to implement them, arguing they allow the FSA to apply new rules to sales that were carried out in previous years.
The British Bankers’ Association has applied to the courts for a judicial review of the FSA’s complaint-handling approach. It believes its procedure for PPI complaints risks setting a precedent, which will allow the regulator to apply new rules to previous sales for any financial product.
So far Lloyds Banking Group and Barclays are defying the FSA by putting on hold any PPI complaints that might be affected by the review.
“Our guidance to firms has been that they can only put on hold complaints that are caught by the review,” says Sinclair.
But because a lot of AFB members are brokerages and do not have large compliance departments like banks, they may not be able to assess what will be affected by the review and what will not.
“It might be better to be safe and carry on processing all complaints,” says Sinclair.
The secured loan sector was one of the first to have firms phoenix when the credit crunch hit. One of the reasons cited for such strategies was so that firms would not be liable for future PPI complaints. But Sinclair argues that it is too early to say what impact the review or the new guidelines will have on secured loan brokers still in the sector.
“It is hard to say how the new guidelines will affect secured loan brokers,” he adds. “A lot of the firms stopped selling single premium PPI a few years ago and some of them never sold it at all.”
The sector has suffered highs and lows over the past five years. But now it looks set to be on a par with the mortgage market in terms of recovery. It will not escape regulatory change and although regulation may encourage more borrowers and mortgage brokers to recommend secured loans it could also stifle some of the innovation in the sector.
There are also problems with the way the sector and the products are perceived by mortgage brokers and some may still be missing out on recommending their clients the best deal.0 -
Mohammed Saeed al-Sahhaf, aka "Comical Ali" was known for his ludicrous claims during the 2003 Invasion of Iraq, when he was the Information Minister of Iraq.
His comments, at various press conferences included the following:
"There are no American infidels in Baghdad. Never!"
"My feelings - as usual - we will slaughter them all"
"Our initial assessment is that they will all die"
"God will roast their stomachs in hell at the hands of Iraqis."
"They're coming to surrender or be burned in their tanks."
"Be assured. Baghdad is safe, protected"
"Who are in control, they are not in control of anything - they don't even control themselves!"
"We are not afraid of the Americans. Allah has condemned them. They are stupid. They are stupid" (dramatic pause) "and they are condemned."
"The Americans, they always depend on a method what I call ... stupid, silly. All I ask is check yourself. Do not in fact repeat their lies."
I wonder, did he really retire to the UAE as was widely reported, or did this deluded individual in fact move to the UK and register with a popular consumer website?
''but you can teach him how to count.. without an abacus
''they have block booked 4 days from 25th jan to 29th''
''I take it's that time again?''
''shut up and keep on topic''
''tell me when we are at a good point in the 28 day cycle''
''this thread is all about the latest news on the BBA action to help the banks off the hook with ref to ppi claims, lets keep it going with this.''
''tell me when we are at a good point in the 28 day cycle''
''if folk want to discuss pictures and othet rubbish unconnected to this BBA action, please start another thread!''
''certainly not him/her, and certainly don't have the connections they have''
''I have taken the time to speak to quite a few big fish in the world of PPI litigation...''
''shut up you are plain ranting''
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http://www.mortgagestrategy.co.uk/features/the-only-way-is-up/1021969.article
Below a section taken from full article which can be found on above link.
The AFB and the Association of Mortgage Intermediaries will continue to work hard to make sure the secured loan sector is protected,” he says.
Apart from the threat of regulation, the sector is also likely to suffer from the fallout of the FSA’s payment protection insurance guidelines. A lot of secured loan firms have relied heavily on PPI sales in the past. The FSA has so far taken action against 24 firms for failings in PPI sales since 2005, with fines totalling nearly £13m. It has also stopped the sale of single premium PPI.
It says in the past five years there have been over a million PPI complaints. Firms on average reject around half the PPI complaints they receive, but some reject nearly all the complaints. The FSA has released guidelines for firms that sold PPI on how they should deal with complaints. These guidelines need to be in place by December 1, but some of the big banks have rebelled against them and are refusing to implement them, arguing they allow the FSA to apply new rules to sales that were carried out in previous years.
The British Bankers’ Association has applied to the courts for a judicial review of the FSA’s complaint-handling approach. It believes its procedure for PPI complaints risks setting a precedent, which will allow the regulator to apply new rules to previous sales for any financial product.
So far Lloyds Banking Group and Barclays are defying the FSA by putting on hold any PPI complaints that might be affected by the review.
“Our guidance to firms has been that they can only put on hold complaints that are caught by the review,” says Sinclair.
But because a lot of AFB members are brokerages and do not have large compliance departments like banks, they may not be able to assess what will be affected by the review and what will not.
“It might be better to be safe and carry on processing all complaints,” says Sinclair.
The secured loan sector was one of the first to have firms phoenix when the credit crunch hit. One of the reasons cited for such strategies was so that firms would not be liable for future PPI complaints. But Sinclair argues that it is too early to say what impact the review or the new guidelines will have on secured loan brokers still in the sector.
“It is hard to say how the new guidelines will affect secured loan brokers,” he adds. “A lot of the firms stopped selling single premium PPI a few years ago and some of them never sold it at all.”
The sector has suffered highs and lows over the past five years. But now it looks set to be on a par with the mortgage market in terms of recovery. It will not escape regulatory change and although regulation may encourage more borrowers and mortgage brokers to recommend secured loans it could also stifle some of the innovation in the sector.
There are also problems with the way the sector and the products are perceived by mortgage brokers and some may still be missing out on recommending their clients the best deal.
Thank you for trying to get the thread back on track:T0
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