MSE News: Banks lose crucial PPI judicial review

Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
edited 20 April 2011 at 2:56PM in Reclaim PPI & other insurance
This is the discussion thread for the following MSE News Story:

"Banks have lost a crucial High Court judicial review into the future PPI reclaiming ..."
«1345

Comments

  • proeleche
    proeleche Posts: 137 Forumite
    Excellent news! However, I have a feeling the banks will attempt to appeal all the way to the Lords again.
  • mjan
    mjan Posts: 70 Forumite
    First Anniversary
    Good news!

    Just a shame the banks are allowed to appeal so we have to wait a longer time for our money:( but still good news :j
  • Very Happy :j. Knowing the way banks are I have a feeling this won't last, as it will be appealed until the outcome is in favour of the banks.
  • Iain1983
    Iain1983 Posts: 76 Forumite
    Excellent news!
  • metalgal
    metalgal Posts: 320 Forumite
    I haven't had PPI but I am sure someone in my family has. The banks will try to worm their way out of it, but I will be curious to read the case to see why they lost.
  • J_i_m
    J_i_m Posts: 1,342 Forumite
    I wouldn't want to get carried away by this yet to be honest.

    The BBA is bound to appeal, so this is set to drag on for a long while yet.

    How many times can a losing side appeal before the case is thrown out altogether?
    :www: Progress Report :www:
    Offer accepted: £107'000
    Deposit: £23'000
    Mortgage approved for: £84'000
    Exchanged: 2/3/16
    :T ... complete on 9/3/16 ... :T
  • marshallka
    marshallka Posts: 14,585 Forumite
    The high court judgment endorsed the approach taken by the ombudsman and the FSA, and the banks now have 21 days to appeal.

    Then how long after (if they appeal that is!!!) will the next stage take and will they continue to look into complaints even then. Will they defy the FSA still?
  • liam8282
    liam8282 Posts: 2,864 Forumite
    I wouldn't hold out any hope, it will be appealed until the banks can eventually swing one decision there way, just like they did with the bank charges.

    Corruption at it's best if you ask me.
  • di3004
    di3004 Posts: 42,579 Forumite
    http://www.bba.org.uk/media/article/judgement-handed-down-on-bba-judicial-review

    Judgement handed down on BBA judicial review

    “On behalf of its members, the BBA requested a judicial review of the way in which the industry should handle complaints about PPI sales, as set out in the Financial Services Authority's policy statement.
    “Whilst the UK banking industry has to date implemented every reform on PPI sales and complaints handling required by the regulators, the additional requirements in the policy statement effectively apply new standards to past sales, which we believe go beyond the rules and regulatory requirements which were developed by the regulator over time.

    “It was due to the widespread concerns that the FSA and the Financial Ombudsman Service had not properly applied the law in this area – and only having exhausted all other avenues for resolving the underlying dispute that a judicial review was sought.
    “We are disappointed with today’s judgment and now need to consider the details of it very carefully as well as next steps, including whether it would be appropriate to apply for permission to appeal.

    “Any complaints that are directly affected by the judicial review and therefore can not be decided will continue to be placed on hold until the next steps have been decided. We will continue to work closely with the FSA to ensure that all complaints are appropriately handled and customers are not disadvantaged. Customers who are considering making a complaint or who have a specific query about an existing complaint should contact their bank in the first instance.”
    The one and only "Dizzy Di" :D
  • J_i_m
    J_i_m Posts: 1,342 Forumite
    So basically they're going to leave us hanging for 21 days, and then bang! "Muahhahaah! We're appealing."
    :www: Progress Report :www:
    Offer accepted: £107'000
    Deposit: £23'000
    Mortgage approved for: £84'000
    Exchanged: 2/3/16
    :T ... complete on 9/3/16 ... :T
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.1K Work, Benefits & Business
  • 607.7K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards