RBS claim put on hold
smalldino
Posts: 5 Forumite
Hi Guys,
I have made a complaint to RBS about miss sold PPI and the 8 week window that they had ran out on 18/07/18. I received a letter from them on 23/07/18 stating " We are currently unable to provide a final decision as the FCA released a paper on 04/07/18 confirming that it intends to consult on proposed rules and guidance relating to a claim under s. 140A of the Consumer Credit act 1974 about the recurring non-disclosure by a lender of the level of commission on a PPI contract during the term of the agreement".
They then go on to say that this guidance might be ready by late Autumn 2018 and that they will look at it then.
Can anyone explain this decision to me in plain English.
I have made a complaint to RBS about miss sold PPI and the 8 week window that they had ran out on 18/07/18. I received a letter from them on 23/07/18 stating " We are currently unable to provide a final decision as the FCA released a paper on 04/07/18 confirming that it intends to consult on proposed rules and guidance relating to a claim under s. 140A of the Consumer Credit act 1974 about the recurring non-disclosure by a lender of the level of commission on a PPI contract during the term of the agreement".
They then go on to say that this guidance might be ready by late Autumn 2018 and that they will look at it then.
Can anyone explain this decision to me in plain English.
0
Comments
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It means your complaint has been rejected but the plevin calculation cannot be completed as yours falls under the new consultation paper that the FCA have published. The FCA told firms to wait until the outcome.
The only thing you do know is that your complaint has not succeeded as plevin only applies to rejected complaints.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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