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MSE News: Banks put PPI claims on hold in defiance of regulator
Comments
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One final thought before I switch off my computer for the weekend, which I think could be very relevant moving forward.
Without a shadow of a doubt, banks are not working complaints at present the way that they should be doing, and they're trying to be clever by hiding behind the JR. Now, the majority of cases that we used to send to the FOS are borderline. I think they're mis-sold, but some of the arguments that the banks have come back with can be pretty robust, and to be fair, the adjudication could go either way. Now, as they're not responding to anything - the FOS are going to start seeing some pretty bad cases turning up on their doorstep, and some horrific advice. Some of the cases we've sent to the FOS so far, the banks wouldn't have dreamed of not upholding pre October the 8th, because they were so bad - self/emp with pre existing conditions etc etc. I've sent a case today to the FOS against Barclays, where they sold a ppi to someone who was registered disabled. I've put another case down to them yesterday where they sold the policy to someone who was 64 and 6 months from retirement who had had a heart attack a year earlier - yet Barclays felt it right to sell them a 5 year lump sum ppi.
All of this could come back and bite them on the ar*e - big time. Not only could they lose the JR, the FOS are going to have a blue fit when they see some of the advice thats being given by the banks, because for the first time ever, the FOS are going to see every complaint thats out there and theyre going to get a true picture of whats going on.
I can see some big fines coming.
Have a fantastic weekend ladies and gents,
TBD.0 -
I was once told by a worker at the fos! that there is a deal in place with most of the banks (who he listed for me) that once the Q/A and complaints are received by fos! they dont look at the circumstances of the complaint, rather they look for the bank name then if it appears on there "deal" list they enter on to a spread sheet for that particular financial house and send it to them to be "auto upheld" in bulk! i kid you not!
The reason he told me this was one of my clients complaint had been upheld, with a fos acceptance form sent out(with a full explanation of"when we find a policy has been missold blah blah blah")and forwarded on to the very happy client, who duly signed and sent back to them and given to barclays to pay! only for them to realise that there wasn't a ppi premium to refund! what i had seen on the paper work and what the client had lead me to believe was ppi on a mortgage acc. was not in actual fact ppi! it is now being investigated by another dept within fos! which one and what it actually was that was paid has still yet to explained to me!
what do you make of that then people!!????
also to add! when i spoke to a different person at fos! it caused all kinds s"%t with loads of feathers being ruffled! they ofcourse said denied there was a deal in place, but they could not deny the existence of the spread sheet and the paper work they had sent me!! FUNNY THAT A?
If these banks know their cases will be "auto upheld", the only benefit I can see is that there is a short delay in paying out the compensation to the client. There is no other benefit except to "hope" the client does not feel able to refer the complaint to the FO.
If this is the case, isn't this a whole separate scandal?0 -
The banks have always used delaying tactics..:beer:HBOS charges..£7000.00 recieved.
Egg cc..£1300 recieved.
Barclaycard cc..£ 568 recieved.
A&L loan..£1677 recieved..HBOS cc..£3500. HBOS.. loan £919.HBOS.cc charges. £1400 MPPI £21799 recieved0 -
Tell me if I am being dumb, but if this is the case (deal already in place between certain banks and FO) why on earth are these complaints being referred to the Financial Ombudsman in the first place!?
If these banks know their cases will be "auto upheld", the only benefit I can see is that there is a short delay in paying out the compensation to the client. There is no other benefit except to "hope" the client does not feel able to refer the complaint to the FO.
If this is the case, isn't this a whole separate scandal?
EXACTLY! i said to fos at the time, why are we/clients, filling in 15 page essay's everytime we need to complain!?
he said because that is the current procedure. I AM NOT MAKING ANY OF THIS UP! where would it get me? i have the proof in paper work!
And yes you have hit the nail on the head with " There is no other benefit except to "hope" the client does not feel able to refer the complaint to the FOS! OF COARSE THAT IS WHAT THEY ARE/WERE DOING0 -
EXACTLY! i said to fos at the time, why are we/clients, filling in 15 page essay's everytime we need to complain!?
he said because that is the current procedure. I AM NOT MAKING ANY OF THIS UP! where would it get me? i have the proof in paper work!
And yes you have hit the nail on the head with " There is no other benefit except to "hope" the client does not feel able to refer the complaint to the FOS! OF COARSE THAT IS WHAT THEY ARE/WERE DOING
You mentioned earlier that you have a list of these banks - is Lloyds TSB on the list?
My 8 week deadline is tomorrow 23rd Nov and I'm getting conflicting advice as to whether to go to FOS or not. As far as I understood it I've nothing to lose by going to FOS but some posters on the this site seem to think that as FOS are under siege with PPI misselling claims that going the FOS route might delay things further and I might be better off keeping my complaint within the Bank......any advice on this issue would be appreciated!0 -
sunandsailcat wrote: »You mentioned earlier that you have a list of these banks - is Lloyds TSB on the list?
My 8 week deadline is tomorrow 23rd Nov and I'm getting conflicting advice as to whether to go to FOS or not. As far as I understood it I've nothing to lose by going to FOS but some posters on the this site seem to think that as FOS are under siege with PPI misselling claims that going the FOS route might delay things further and I might be better off keeping my complaint within the Bank......any advice on this issue would be appreciated!
Lloyds are unfortunately, the most complained about bank (FOS statistics). Before you can take your complaint to the FOS you have to have received what's known as a Final Response from your bank - that's what they have 8 weeks to produce, if by the end of the 8 weeks you haven't got a Final Response, you can then take your claim to the FOS, they do actually prefer you to have got something back from the bank though.
So that's what your waiting for at the moment to see what LLoyds have to say, whether they're going to uphold your complaint, deny it or put it on hold.0 -
Tell me if I am being dumb, but if this is the case (deal already in place between certain banks and FO) why on earth are these complaints being referred to the Financial Ombudsman in the first place!?
If these banks know their cases will be "auto upheld", the only benefit I can see is that there is a short delay in paying out the compensation to the client. There is no other benefit except to "hope" the client does not feel able to refer the complaint to the FO.
If this is the case, isn't this a whole separate scandal?
The regulator revealed that, overall, firms had been rejecting 60% of the PPI complaints they had received.
Of these, ONLY 16% had then gone to the FOS where 80% were then upheld in the customer's favour.0 -
Hi there,
Can anybody help.Am helping my daughter put in a ppi claim for an evans card, which we are now told we have to deal with santander. We rang today after 4 weeks to find out what is happening after sending a template letter. It was sent by recorded delivery and we have been told it was not delivered but it definately was. Can anybody give me phone numbers and addresses for santander ppi claims please. Any help would be very welcome. Thanks0 -
patricia50 wrote: »Hi there,
Can anybody help.Am helping my daughter put in a ppi claim for an evans card, which we are now told we have to deal with santander. We rang today after 4 weeks to find out what is happening after sending a template letter. It was sent by recorded delivery and we have been told it was not delivered but it definately was. Can anybody give me phone numbers and addresses for santander ppi claims please. Any help would be very welcome. Thanks
Complaints
Santander UK PLC
PO Box 1125
BRADFORD
BD1 9PG
good luck0 -
Lloyds are unfortunately, the most complained about bank (FOS statistics). Before you can take your complaint to the FOS you have to have received what's known as a Final Response from your bank - that's what they have 8 weeks to produce, if by the end of the 8 weeks you haven't got a Final Response, you can then take your claim to the FOS, they do actually prefer you to have got something back from the bank though.
So that's what your waiting for at the moment to see what LLoyds have to say, whether they're going to uphold your complaint, deny it or put it on hold.
LLoyds have already told me its on hold pending the JR (the fact i was earlier told that my claim was upheld an Acceptance Slips sent out 8th October is apparently irrelevant!). I am not expecting to get anything more in writing from them but will wait til end of week and see what does or rather doesn't happen!0
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