PPI Reclaiming discussion Part II

catinthehat1

Do you know of any other services/products that the FOS have forwarded to FSA re 'Wider implications'? I wonder what happened then? I wonder what will happen to the current claims? More questions!!!:eek:

di3004

marshallka wrote: »

Just read this


Page last updated at 12:42 GMT, Wednesday, 10 September 2008 13:42 UK
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PPI sales face new restrictions


By Ian Pollock
Personal finance reporter, BBC News





The Financial Services Authority will consider the FOS's request at its board meeting later this month.

And in June the Competition Commission concluded that banks and credit card companies were overcharging their PPI customers by £1.4bn a year. It blamed at lack of competition at the point of sale when people took out a loan, and suggested that selling PPI at the same time as approving a loan might be banned. The commission will make its final recommendations in November or December.




So maybe we are better waiting with our complaints that we think maybe outside the jurisdiction incase something comes up next month or later in the year.

I was just thinking, it was only the other day hun we were talking of these issues.......:D , perhaps a visit by the FSA on this site would help.:D

catinthehat1

Just found this case - re 'Wider implications'
The complaints to the ombudsman service came from across the country, suggesting that the sales methods used might have been part of a firm-wide approach. In view of the potential wider implications, the ombudsman service notified the regulator. The FSA was already investigating concerns that had arisen from issues discovered during routine visits to the firm by its supervisors.
The FSA carried out an investigation into the firm’s sales and found that it did not not have sufficiently rigorous procedures and controls for considering all the issues surrounding the selling of the product. During the investigation, the firm continued rejecting individual complaints. So, in conjunction with the FSA’s action, the ombudsman service had to resume dealing with individual cases for a time.
After further discussions, an agreement was reached under which:

• the firm paid a significant penalty;
• some customers who fitted particular criteria were to be automatically compensated by the firm, along the lines of the compensation previously awarded by the ombudsman service in individual cases; and
• other customers were entitled to refer their cases to ombudsman service for individual consideration.:o

This case dates back to 2002 - but this is what can happen if FSA believe it fits the criteria

marshallka

catinthehat1 wrote: »

Do you know of any other services/products that the FOS have forwarded to FSA re 'Wider implications'? I wonder what happened then? I wonder what will happen to the current claims? More questions!!!:eek:

Something about the endownments on the net. I just hope our complaints are not put on hold now:eek:

catinthehat1

di3004 wrote: »

I was just thinking, it was only the other day hun we were talking of these issues.......:D , perhaps a visit by the FSA on this site would help.:D

You never know - maybe they have been LOOKING here

di3004

catinthehat1 wrote: »

Just found this case - re 'Wider implications'
The complaints to the ombudsman service came from across the country, suggesting that the sales methods used might have been part of a firm-wide approach. In view of the potential wider implications, the ombudsman service notified the regulator. The FSA was already investigating concerns that had arisen from issues discovered during routine visits to the firm by its supervisors.
The FSA carried out an investigation into the firm’s sales and found that it did not not have sufficiently rigorous procedures and controls for considering all the issues surrounding the selling of the product. During the investigation, the firm continued rejecting individual complaints. So, in conjunction with the FSA’s action, the ombudsman service had to resume dealing with individual cases for a time.
After further discussions, an agreement was reached under which:

• the firm paid a significant penalty;
• some customers who fitted particular criteria were to be automatically compensated by the firm, along the lines of the compensation previously awarded by the ombudsman service in individual cases; and
• other customers were entitled to refer their cases to ombudsman service for individual consideration.:o

This case dates back to 2002 - but this is what can happen if FSA believe it fits the criteria

Now this is interesting hun thanks for adding this.
Did you get the extract for this on that wider-implications site ?

Not had the chance to get through it yet lol.:D

catinthehat1

di3004 wrote: »

Now this is interesting hun thanks for adding this.
Did you get the extract for this on that wider-implications site ?

Not had the chance to get through it yet lol.:D

Yes - looked re 'Wider implications' and it has all different cases where the FSA has applied this 'rule' if that's what it is - by the way Hi - NO post today - pooh!!!:eek:

di3004

catinthehat1 wrote: »

Yes - looked re 'Wider implications' and it has all different cases where the FSA has applied this 'rule' if that's what it is - by the way Hi - NO post today - pooh!!!:eek:

Cheers hun, I only read some of it, but will go through it again later.;)

And post wise I received 2 letters, one from FSCS (compensation scheme) requesting for further documentation and another one from one of my claims liquidators.:rolleyes:

This is yet another issue at the moment.

di3004

Going for a quick shower.:j Bk soon......:D

marshallka

catinthehat1 wrote: »

Yes - looked re 'Wider implications' and it has all different cases where the FSA has applied this 'rule' if that's what it is - by the way Hi - NO post today - pooh!!!:eek:

catinthehat, i don't know whether you read but my co-op one has gone to the adjudicator now:j . But co-op still have not provided them with the info so going to take a little longer he says. :mad:

But at least i will know soon one way or another.