Can anybody tell me in a nutshell was FSA 10/12 actually means?

sunandsailcat

I have 2 loans with PPI on dating from February 2005 and March 2007 - does the Judicial Review impact on how the Bank could assess my claim?

marshallka

I wouldn't think it could do (as after regulations anyway) but some are reporting on here that their complaints are being put on hold regardless of dates.

Alpine_Star

sunandsailcat wrote: »

I have 2 loans with PPI on dating from February 2005 and March 2007 - does the Judicial Review impact on how the Bank could assess my claim?

It may depend on when you complained, when did you put your claim in?

dunstonh

does the Judicial Review impact on how the Bank could assess my claim?

Potentially yes as part of the banks gripe is the retrospective rule changes. The banks seem up for a fight with the FSA (and they do have some valid reasons in this respect). Its an interesting battle with consequences in many different areas.

sunandsailcat

marshallka wrote: »

I wouldn't think it could do (as after regulations anyway) but some are reporting on here that their complaints are being put on hold regardless of dates.

I've received a generic style email from the Bank (Lloyds TSB) stating "Should our assessment of your complaint be impacted by the judicial review, we will process your complaint as far as we are able and we will let you know if there will be a delay as soon as possible. We will then keep your complaint on file and let you know of any significant developments. Once we have the clarity we need from the FSA and FOS to assess your complaint fully we will contact you as soon as possible to advise you how we will resolve your complaint"

It seems to me that if the FSA rules don't impact on my claim that this is just a stalling tactic. I've responded to the Bank asking again why my claim is on hold as I believe that the FSA rules do not impact on my claim, but just wanted to be sure that this was correct!

I send the above mentioned email to the Bank on Friday so will update thread if and when I get a response!

sunandsailcat

dunstonh wrote: »

Potentially yes as part of the banks gripe is the retrospective rule changes.

Can you tell me What is the retrospective rule change date actually is? I was under the impression that the Banks were complaining about a rule change prior to Jan 2005 which wouldn't impact on my Feb 05 and Mar 07 claims. Thanks

Alpine_Star

sunandsailcat wrote: »

I've received a generic style email from the Bank (Lloyds TSB) stating "Should our assessment of your complaint be impacted by the judicial review, we will process your complaint as far as we are able and we will let you know if there will be a delay as soon as possible. We will then keep your complaint on file and let you know of any significant developments. Once we have the clarity we need from the FSA and FOS to assess your complaint fully we will contact you as soon as possible to advise you how we will resolve your complaint"

It seems to me that if the FSA rules don't impact on my claim that this is just a stalling tactic. I've responded to the Bank asking again why my claim is on hold as I believe that the FSA rules do not impact on my claim, but just wanted to be sure that this was correct!

I send the above mentioned email to the Bank on Friday so will update thread if and when I get a response!

In my view the bank should be dealing with existing complaints as the rules stand. There is no reason for the banks not to deal with complaints under the current rules on the basis that rules for future complaints may change at some point in the future - and beyond the time in which they are obliged to deal with your complaint now.

I note that Lloyds refers to ''the Judicial review'' when in fact the BBA are yet to have their application for a judicial review granted. Thus it is not even certain that there will be a Judicial Review at all.

dunstonh

sunandsailcat wrote: »

Can you tell me What is the retrospective rule change date actually is? I was under the impression that the Banks were complaining about a rule change prior to Jan 2005 which wouldn't impact on my Feb 05 and Mar 07 claims. Thanks

Its not so much about a date specifically but about the FSA applying 2010 rules to past cases. The FSA has a history of doing this but has done so mainly to business classes that dont have the clout to combat them (IFAs, brokers etc). The banks do have the clout and they have decided to take them on.

Its a bit like prosecuting a smoker who smoked in a pub before the smoking ban came in but not after.

sunandsailcat

dunstonh wrote: »

Its not so much about a date specifically but about the FSA applying 2010 rules to past cases. The FSA has a history of doing this but has done so mainly to business classes that dont have the clout to combat them (IFAs, brokers etc). The banks do have the clout and they have decided to take them on.

Its a bit like prosecuting a smoker who smoked in a pub before the smoking ban came in but not after.

Thanks for this....doesn't look good then does it? The irritating thing for me is that the Bank confirmed that they had upheld both my claims and were sending out Acceptance slips 8th October. The Acceptance letters had actually been written and then withdrawn!

Alpine_Star

sunandsailcat wrote: »

Can you tell me What is the retrospective rule change date actually is? I was under the impression that the Banks were complaining about a rule change prior to Jan 2005 which wouldn't impact on my Feb 05 and Mar 07 claims. Thanks

It's very complicated but here is a good summary of the position http://forums.moneysavingexpert.com/newreply.php?do=newreply&p=38479586

The fact that you were told that the ''assessment of your complaint'' (after the assessment has already been concluded) may be affected by the Judicial Review is dishonesty unplugged.

sunandsailcat

Alpine_Star wrote: »

It may depend on when you complained, when did you put your claim in?

Hi, I put the claims in 28th September 2010.