RBS putting complaint on hold

[Deleted User]

Hello all,
RBS have replied to my letter dated 13th Nov.
They replied with a letter dated 9th dec, saying that they are unable to provide a final response, because on 2nd Oct the Financial conduct authority released a statement that I intends to consult on the proposed rules and guidance concerning the handling of PPI Complaints in light of the Supreme courts decision in PLEVIN V Paragon personal finance ltd.
it is possible your complain may be affected by the FCA proposed rules and guidance because it falls within the time limits specified in the FCA statement.
we expect to provide you with a final decision when the FCA new rules and guidance come into force then review it further at that time.
the FCS have stated that this is not expected before spring 2016.
please note the FCA and FOS are aware of the approach we are adopting.


Any ideas whether to go straight to FOS or just sit and wait, even though it was supposed to be 8 weeks for a decision


kindest regards
Douglas

wolverines

You will wait up to two years at the FOS for it be picked up and as the FCA have not yet fully drafted their guidelines it is likely that even if it were to be picked up it would be parked anyway.

[Deleted User]

ur prob right.


to me its like wanting a loan but because the interest rates might/might not rise in say a few months the banks wont give you it till then.
was hoping they HAD to give you a decision in 8 weeks irrespective of what may or may not happen.


guess I wont hold my breath

dunstonh

As mentioned above, any complaint that is using Plevin v paragon would be expected to be on hold. It doesnt matter whether this is with the provider or the FOS. The FCA statement on 2nd October mentioned that "Rules and guidance would also provide a clear approach which the Ombudsman could take into account when considering relevant PPI cases." So, until those rules and guidence are published, you would expect the hold decision.

was hoping they HAD to give you a decision in 8 weeks irrespective of what may or may not happen.

There is no requirement for them to give a decision in 8 weeks.

In respect of Plevin v paragon, there has been suggestions that the FCA is setting a maximum commission level that would be considered acceptable and will instruct the lender to refund the commission amount above that figure (plus interest that was charged against that figure for borrowing plus 8% interest on top). The figure the FCA have set is 50%. i.e. if the commission paid was 60% then the lender would have to refund the 10% excess.

The fact yours is on hold due to plevin would indicate that your mis-sale complaint has failed. The plevin ruling does not apply to upheld complaints as those get 100% refund.

addedvaluebob

The fact yours is on hold due to plevin would indicate that your mis-sale complaint has failed. The plevin ruling does not apply to upheld complaints as those get 100% refund.

What rubbish. It is just as likely that RBS are using the plevin argument to delay dealing with cases in the hope that they can garner some small commercial advantage from the FCA ruling and push the eventual liability into the next financial year. They are also delaying in case they pay out sixpence more in compensation based on the eventual FCA findings. Do not think for a moment that your case has failed

dunstonh

addedvaluebob wrote: »

What rubbish. It is just as likely that RBS are using the plevin argument to delay dealing with cases in the hope that they can garner some small commercial advantage from the FCA ruling and push the eventual liability into the next financial year. They are also delaying in case they pay out sixpence more in compensation based on the eventual FCA findings. Do not think for a moment that your case has failed

There is no evidence to suggest that RBS are deferring all complaints until the FCA has published its final decision. However, if you have such evidence then please post it rather than spout your usual rubbish.

RBS are required to uphold the complaint if they have found any single reason to do so. Even if it is something the OP didnt mention in their complaint. An upheld complaint would result in 100% refund. The Plevin decision will have no impact on those that have got or will get 100% refunds. it only has an impact on those that have not succeeded in their complaint and may be due a partial refund.

addedvaluebob

The fact yours is on hold due to plevin would indicate that your mis-sale complaint has failed. The plevin ruling does not apply to upheld complaints as those get 100% refund.

However, if you have such evidence then please post it rather than spout your usual rubbish

dunstonh

addedvaluebob wrote: »

However, if you have such evidence then please post it rather than spout your usual rubbish

Think logically if that is possible for you.

If the sale is classed as unsuitable then plevin does not apply. It only applies if the sale is being classed as suitable.

addedvaluebob

Your parameters of thinking are too narrow.

You assume that there are absolutely no financial pressures or remit on the review teams or wider business factors to consider.

If we were to follow your logic then Lloyds would have reviewed their PPI cases correctly and not had the highest overturn rate at FOS which clearly demonstrated they were breaking the rules.

RBS were previously fined 2.8 million for failing to deal properly with PPI cases and against this background, with no evidence whatsoever you announce that the OP's claim has obviously failed. That's the problem with your post