Judicial Review Update and FSA Backtracks on Rules

We had some interesting updates in the world of PPI last week. The judicial review is still being considered, but it looks like we may be seeing the application heard at court towards the end of January. Most of the lenders are continuing to review cases, despite the JR, but we are still continuing to receive offers and so would urge people to continue to make claims.

The FSA also released a response clarifying some of the rules which they were intending to implement on the 1st December. The FSA felt the BBA may have misinterpreted some of the rules and so have issued some clarification. It is fair to say that the FSA have been pushed into this position as a result of legal advice and we await the BBA's response.

In terms of all the 1st December rules, it appears most banks are refusing to implement the rules until the Judicial Review has been decided. This doesnt mean that more claims will be placed on hold, but it does mean that the new rules on complaint handling cannot be brought in. We are however, confident that a proportion of claims will be continued to be investigated regardless.

If you think you have been mis-sold Payment Protection Insurance, don't hesitate to approach us to make a claim at http://www.ppireturn.co.uk/

PPI Complaints Popular - But People Still Want It

Last week was a fairly quiet week in the PPI world, we are still awaiting some clarity and progression on the judicial review and are beginning to see how the banks are looking to deal with complaints.

I noted in the press last week that Capita Insurance Services have conducted a small survey into attitudes of PPI. It suggested that almost 30% of loan customers who have cancelled or are considering cancelling their payment protection insurance (PPI) would consider a replacement policy.

This of course is prudent (but surprising) information given the present wave of consumers claiming compensation from the banks. If any consumer is successful, it will have the effect of removing their PPI from their account. Of course, this leaves them at risk if they do have to take time off from work due to accident, sickness or redundancy.

It is always important to protect yourself in case you are unable to work and there are some excellent products on the market which will give you much more comprehensive cover.

If you think you have been mis-sold Payment Protection Insurance, don't hesitate to approach us to make a claim at http://www.ppireturn.co.uk/

Ombudsman Caseload Continues to Increase

Once again, more statistics published last week confirmed what we all knew. Payment protection insurance complaints continue to make up a massive 45% of its ongoing caseload over the last 3 months.

I believe this figure will increase dramatically as the Ombudsman begins to receive complaints which banks will not investigate as a result of the judicial review. The Ombudsman will have to reallocate their staff to cope with the massive extra workload. Furthermore, even if a complaint is forwarded to the Ombudsman service, it is likely only a full decision in the customer's favour from an Ombudsman will compell a bank to pay any compensation. Such a decision from the top level of the service could take as long as 1 year to be realised.

However, we are still receiving a steady proportion of offers and payments and although certain banks have confirmed they are unwilling to deal with a selection of cases, we are confident that we will still be able to deal with cases despite the judicial review.

In another article this week, the FSA are keeping a keen eye on its members as they begin to trial new products. The FSA has cited they intend to take a proactive approach to risk management as they review these new products in an effort to avoid another 'PPI' scandal. Only with this positive approach to regulation can the FSA ever hope to keep their members in check.

If you feel you have been mis-sold PPI, dont hesitate to approach us to make a claim at http://www.ppireturn.co.uk/

Tyneside Couple Ripped Off

Last week a couple, one of GE Money' customers from Tyneside won his battle for a refund of his Payment Protection Insurance which he believed had been wrongly sold to him.

He took out a loan for £15,000 and was told to take out a PPI policy with the loan at a cost of £2,250. This was added on top of the loan and interest was charged throughout the term of the account.

The worst thing about his situation was that after 5 years, the policy expired and GE Money were pushing him to pay more money to protect his loan for the remaining term ! Luckily, he was able to secure a full refund of the PPI by taking his claim to the Financial Ombudsman Service. However, he maintained it was a stressful, time consuming exercise.

At www.ppireturn.co.uk, we are able to take the stress out of claiming. In todays busy environment, our clients dont have the time, nor the knowledge to deal with their own complaints. PPI Return can assist you to claim back what is rightfully yours with the minimum of fuss.

In other news, we are a little further on with the Judicial Review. The Ombudsman has confirmed they will look into complaints where a bank has refused to look into our client's case if the matter has been left for the requisite 8 weeks. Additionally, the FSA appears aware of the methods some of the banks are using to cease the investigation of complaints and is pushing for the Judicial Review to be heard as soon as possible.

This does not mean you cannot continue to register your complaint. We are sure this is only a temporary setback and it is 'business as usual' for the majority of our clients.

If you feel you have been mis-sold PPI, then give PPI Return a call on 0800 877 8888. PPI Return is a division of Goldsmith Williams Solicitors.