MSE News: banks fail to hit PPI complaints deadline

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This is the discussion thread for the following MSE News Story:

"Some big UK banks, including HSBC, have failed to hit an extended deadline to clear their backlog of Payment Protection Insurance (PPI) misselling complaints.
However, 97% of the 200,000 complaints not dealt with during the High Court judicial review earlier this year have now been resolved...

Former MSE team member
«1345

Comments

  • andybarca
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    guess i'm one of the 6000 not yet answered. oh well another weeks wait for HSBC
  • J_i_m
    J_i_m Posts: 1,342 Forumite
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    And meanwhile... in the FOS queue...complaints, many of which were made before this 200'000... are still not dealt with.
    :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
  • tifosi
    tifosi Posts: 485 Forumite
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    I'm completely at a loss that MSE would accept the press releases being spouted by FSA and the banks at face value

    It can clearly be seen from the forums (particularly the "success/failure" thread) that this is very far from the reality of the situation

    There seems to be a sweeping belief that when they say a complaint has been settled (as in the "97%") that they have been settled in full - this is not the case, in mosts cases they have merely sent a letter stating the claim is upheld and they will be in touch

    People are then being told they have to wait another 28 working days-8 weeks (seems to vary greatly) for the calculation of the figure due and actual payment

    It's also unclear from this article whether the "97% of 200,000" is just a HSBC figure (I'm assuming it is, as I'm sure all the banks have put far more on hold during the JR?

    This is just the kind of issue that I expect MSE to be getting a real world straw poll on, and if those figures differ strongly from the (IMHO) garbage being spouted by FSA/Banks to take them to task over it

    To my mind, it was quite enough that people had been subjected to yet more delays from this "in the consumers interest" 16 week extension (effectively rewarding the banks for placing claims on hold during the JR, despite the FSA having warned them not to) but to then expect these same people to endure a farcical 28 working days/8 weeks until they get their payment is quite beyond the pail - we are also seeing clear evidence the banks are trying it on with the amounts they are offering people - in one recent case someone was "conveniently" underpaid by £8,000!

    It's also clear from many posts on the forum that the banks insistence that they are dealing with cases in time order is a blatant lie

    Come on MSE, do what you do best, and stand up for the common man (or lady!) in the street - don't just "retweet" what the FSA/Banks are feeding you in their press release


    :(
    -


    Congratulations to all who have got their PPI back!

    :T
  • amersall
    amersall Posts: 17,006 Forumite
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    Dont forget,not all ppi upheld claims are due to posters just on this site,i have friends and family who have had wins and they do not post on this forum,my neighbours had 2 and likewise doesnt post on this forum.
    There are also those that have gone through claims companys and had wins,so really there is no way we would get the true % of wins and paid ups for ppi mis sell on this site alone.
  • tifosi
    tifosi Posts: 485 Forumite
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    amersall wrote: »
    Dont forget,not all ppi upheld claims are due to posters just on this site,i have friends and family who have had wins and they do not post on this forum,my neighbours had 2 and likewise doesnt post on this forum.
    There are also those that have gone through claims companys and had wins,so really there is no way we would get the true % of wins and paid ups for ppi mis sell on this site alone.


    Am,

    I accept that, really I do, but I've done several claims for friends and family that are caught up in the "JR hold" still


    But the one part of the article that is 100% out of order is the way they claim they are sending full responses, whereas most have only had "upheld, sign here" without calculations or payment and can expect to still wait many weeks (28 working days+) after that

    It would be interesting to get some posts on this thread from the known CMC reps that post, find out what their take is for the volumes they are processing?

    I note there was one CMC posting yesterday that they had 100 responses from Black Horse, 92 rejections and 8 upholds - if they take that tactic they will of course meet the deadlines as there is no way that 90%+ of those claims would be failures, its just them swinging the lead so people then have to complain but they can say they met the 31/08 deadline by sending a "final response" (not to mention the high % that will just give up at that point
    -


    Congratulations to all who have got their PPI back!

    :T
  • ccb
    ccb Posts: 45 Forumite
    edited 2 September 2011 at 10:27AM
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    tifosi wrote: »
    But the one part of the article that is 100% out of order is the way they claim they are sending full responses, whereas most have only had "upheld, sign here" without calculations or payment and can expect to still wait many weeks (28 working days+) after that

    I received one of those from the Halifax yesterday, saying that they'll refund the money, but saying nothing about how much or when. I'll only find that out after I've signed the acceptance forms. I really don't know now whether this is a good thing or not, or if it's worth ringing the phone number on the letter and asking for more details before I sign anything.
    ~cherie
  • magpiecottage
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    There seems to be a misunderstanding of what was required here. The FSA indicated not that redress should be paid by 31 August but that complaints should be responded to.

    That means either they are upheld or they are rejected. If rejected, reasons must be given. Provided a letter was in the post by midnight on 31 August the requirement was met. At the end of the pension review I actually put a letter into a post box after the last collection before the deadline but it still counted.

    As far as the upheld cases are concerned, the FSA has specified how the redress calculation should be done. If the offer is to pay redress up to the point of payment on that basis then it is correct and you will not get any more. If it is subsequently calculated incorrectly you can dispute it at that point (and if necessary go to FOS).

    It is worth bearing in mind that, in order to get all (or at least the vast majority) of responses completed in time they have probably made a commercial decision to uphold a lot of complaints where they have not had time to fully investigate.

    During the pension review, the firm I worked for had many such cases. However, if the offer was not accepted it was withdrawn (the FSA rules allow this) and the complaint reassessed individually. That was one of my jobs and I would consider not only factors which favoured the consumer but also those favouring the firm.

    Sometimes I did change the outcome, sometimes I did not. One of the key differences between what I did then and the situation now is that I sometimes increased the redress. That cannot happen because the formula has been stipulated and is a lot simpler than pension review calculations were.

    However, a more detailed investigation may reveal that the original sale of the policy was, after all, suitable and therefore no redress will be offered after all.

    So think very carefully before rejecting the offer.
  • Scotty1.7
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    Personally I read this article and laugh at its blatant lies

    1- The banks listed are still incorrect

    2- It stinks or coruption and deciet against the people who were ripped off by banks,who now have lots of OUR tax money propping them up.

    3- The time lines are as clear as a mud covered window

    4- There has be NO proper hard ruling of time lines, simply for the banks to 'as normal' do what the hell they like and to hell with the customers

    5- I, Like tifosi, feel that MSE is failing us here. How can we the normal people make a simple transaction in 2 hours, yet the banks take 8 weeks for the same thing??? They claim to be over whelmed from the amount of complaints, yet they welcome more coming and if you put a claim in on the 2nd of October it will be dealt with in 8 weeks???

    6- People will be dealt with in Date order, sorry but the people of this site the posts they make prove this to be a lie.

    This needs real regulation, not words, penalties and full prosecution. The Co-Op bank for example needs raking over the hot coals for its sneaky under handed ways of being included in the 16 Week details- which initially when questioned the FSA denied??? Yet know only when pushed will the admit they are??? I'm sorry but why are they allowed to hide there involvement from public knowledge? Sure its buried on one of there internet pages in a small attachment so they can claim its there, but why is it not on the FSA site? Why has it not been notified like over mails, new bulletins to MSE that the Co-Op is involved? I'd place money that they are up to there necks in this based on there massive numbers of feild staff they just let go.

    I think MSE needs to really step up here and start asking the big hard questions that will make them sweat-

    Why are (THE BANKS) unable to use FP to make these payments?
    Why are there omission's from comms from the FSA?
    Why are the messages from people on here proving this to be incorrect in ways?
    Why does this seem to be against the FSA's TCF policies?

    The banks won't be able to give a stright answer (much like the lady on watchdog last night with Gas and Electricity prices) because it will uncover the truth.

    The banks have all posted profits (barring Lloyds TSB I believe) why has the government not stepped in and said thank you very much we'll have that seen as you owe us it.

    Sorry MSE but you have dropped a massive clanger with posting this.

    I have a small hope that Martin himself reads these comments and replies as well as see's sense that the FSA is as bent as the banks and is not the helpful institution it once was.

    So Martin we await with baited breath, will you the self proclaimed Peoples Champion jump up and defend the banks or do what needs to be done?
  • chillxxx
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    It looks like the banks are playing by their own rules on this

    I Submitted a complaint to MBNA September 2010

    MABNA Replied by putting my complaint of Hold even though there was no reconised Stay or Hold order by the FSA. So of to the FOS I went where it sat in a queue like so many other complaints.

    In July 2011 I recieved a letter from the FOS dated 29th June 2011 advising MBNA have cecied to uphold my complain and they now have 2 months to issue an offer letter. Guess what no letter. Unless something appears in the post in the next few days it going to be off to the FOS again!

    If the FSA took action in the first place about banks putting theses complaints on hold in the first instance pherhaps the banks would be dealing with these complaints more serioulsy.

    Onew can't help think if the FSA susepnded one of the major banks operating licenses for putting PPI complaints on hold we would in a very differnt situation.
  • Alpine_Star
    Alpine_Star Posts: 1,354 Forumite
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    Scotty1.7 wrote: »
    Sorry MSE but you have dropped a massive clanger with posting this.

    I have a small hope that Martin himself reads these comments and replies as well as see's sense that the FSA is as bent as the banks and is not the helpful institution it once was.

    So Martin we await with baited breath, will you the self proclaimed Peoples Champion jump up and defend the banks or do what needs to be done?

    He is not a self proclaimed people's champion, rather it is people like you that put him there.

    The piece you're complaining about is an unbiased news article (as all news articles should be) based on FSA figures which will be necessarily more accurate than a cursory glance of posts on an internet forum.

    And you've got it back to front. The FSA were never that helpful from a consumer perspective but have been very effective recently in dealing with the PPI issue. If they were as bent as the banks I somehow doubt they would have risked millions of there own money in successfully defending a Judicial Review action on behalf of ungrateful souls such as yourself.
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