http://www.bbc.co.uk/news/business-17268454

Read the full CCL Guidance attached below

dx

News today,

Apparently the banks have been ordered (as i understand it) to write to anyone who has been mis-sold PPI.

However they are not sure how these letters will be worded,

personally i would expect them to include such sentances as follows=

= Any money refunded for mis sold PPI must go to pay off any debts to them first! or similar.

They, the banks have caused so much damage to people who sought advice from them,

For instance, someone running a small business would apply to thier respected institution for a loan, that they have budgeted for!

then they are forced to take out another one, which will not pay out anything if you are S/E.

the knock on effect is unbelievably damaging to small businesses, and becomes a dept which multiplies,

as time goes by, then on top of this, because of the inevitable overspend you are penalised further by interest charges!

this is a bit like being sold something you don't need by a cowbow tradesman.

It must be a good thing that the Banks are writing to customers,

It is unfortunate they have to be ordered to do so, (it will be interesting to see the wording)

But after all they should have been made to pay back all they have gained from this [problem] automatically,

they know who they have effectively stolen from!

It should not be up to thier victims to jump through hoops,

or be forced to apply to get back what was taken from them, and what they are owed!

Regards Ro

I was just reading this.

I am concerned however, by the fact they state that people will then have a time limit, and that, "The FSA said that, in most cases, deadlines included a six-year timescale from the date of sale for customers to complain."

IF you dont have the agreement

as the banks will say they've distroyed everything passed 6yrs old

as for the 3yrs limit they are talking about

that is you have three years from the date of the letter - IF they send you one.

not read anything that make this law though.

dx

IF you dont have the agreement

 

as the banks will say they've distroyed everything passed 6yrs old

 

as for the 3yrs limit they are talking about

 

that is you have three years from the date of the letter - IF they send you one.

 

not read anything that make this law though.

 

dx

Thing is, I know this, and a lot of people on CAG and similar forums know this, but I can't help feel the banks will use the wording from this to mislead customers and discourage them from relcaiming their PPI if it's older than 6 years.

they cant!!

section 32c limitations act refers

dx

PPI: banks to invite customers to claim compensation

Banks are writing to 12 million people telling them that they may be able to claim compensation for mis-sold payment protection insurance

http://www.telegraph.co.uk/finance/personalfinance/insurance/9125540/PPI-banks-to-invite-customers-to-claim-compensation.html

FSA orders banks not to mislead over PPI compensation

Lenders have been told to ensure their letters offering payment protection insurance (PPI) compensation are clear, to prevent providers misleading victims.

http://www.moneysavingexpert.com/news/reclaim/2012/03/fsa-orders-banks-to-not-mislead-over-ppi-redress

FSA publishes guidance consultation to help firms provide redress to victims of PPI mis-selling

The Financial Services Authority (FSA) today published proposed guidance for firms that sold payment protection insurance (PPI) and are beginning to contact customers who may have been mis-sold a policy but have yet to complain

http://www.fsa.gov.uk/library/communication/pr/2012/021.shtml

PPI mis-selling: Millions to receive letters

Banks are starting to write to millions of customers explaining that they might have been mis-sold payment protection insurance

http://www.bbc.co.uk/news/business-17269048

‘Time barring’

As well as providing guidance on the content of the customer contact letters, the FSA is also clarifying when and how firms might decide that a complaint is ‘time barred’.

Normally, customers have six years from a sale to complain or, if later, three years from when they became aware (or ought to have become aware) that they had cause for complaint. When a complaint is made outside this limit, the firm is no longer obliged to consider it and can reject it; the Financial Ombudsman Service may also dismiss a complaint made outside these time limits.

......

lots of ifs and maybe's there

and they are almost saying what the fos will do

though ofcourse they can only comment back till 2005 when they came about.

dx

Surely this will lead to banks saying - "longer than 6 years? Get on yer bike!" as that says they no longer are obliged to consider it???

Unless I'm reading it wrong, and the 6 year time limit means nothing, as long as it's 3 years since you became aware?

nope limitations act will still apply

as far i am reading it at present , i understand - the 3yrs ONLY relates to IF you get a letter

and ONLY for THAT account.

dx

Awesome thanks for clearing this up DX as pretty much all our claims will be over 6 years, and if they wriggle I can immediately slap them with the limitations act

Shani

I wonder what will happen to the people that have received the standard first response from the banks that they agreed to PPI and the bank say they have no claim.

dpick

nothing no change

as far as i read it, these letters are not an admission of mis-selling

solely a letter to say you 'had' PPI on one or more of our products....,

it might have been mis-sold

thats for you to prove.

unless i've read it wrong.

The Financial Services Authority (FSA) today published proposed guidance for firms that sold payment protection insurance (PPI)

and are beginning to contact customers who may have been mis-sold a policy but have yet to complain.

dx

Sorry, misplaced request for advice.

i don't wish this thread to turn into a i want help

my issue is thread

can i claim from

etc etc

i have now posted the complete guidance the firms must comply too

this is in post #1.

there is no mention of the method nor HOW it will be calculated

there is no mention of interest in any format.

that is not the purpose of the PPICCL

i suggest ALL those with questions READ THE ATTACHMENT.

dx

I wonder if the FSA want to draw a line under this. If the banks write to everyone who was sold PPI and there is a given time line for someone to respond.. then after that time has elapsed then no further claim can be made.

From the FSA web site

 

 

 

FSA/PN/021/2012

06 Mar 2012

The Financial Services Authority (FSA) today published proposed guidance for firms that sold payment protection insurance (PPI

) and are beginning to contact customers who may have been mis-sold a policy but have yet to complain.

 

The guidance outlines steps firms should take when writing to these customers. It stresses the importance of these communications explaining clearly why the customer may have been mis-sold and could be entitled to redress, what the customer should do to respond to the firm, the time limits involved and the need to act promptly.

 

The letters are part of a process being undertaken by PPI firms to establish what caused the large number of complaints; this is called ‘root cause analysis’. When an FSA authorised firm identifies recurring or systemic problems in its sales processes it is required to correct them. The firm should consider what action it may need to take to treat fairly affected customers that have not complained – including contacting them and giving them the opportunity to claim redress.

 

 

read more :-

http://www.fsa.gov.uk/library/commun...2012/021.shtml

 

I am a little concerned about the highlighted paragraph .

“Historically, response rates for these types of exercises are low – sometimes as low as one in 10. Therefore, if you receive a letter, it’s important to consider your PPI purchase carefully and, if you feel you have been a victim of poor practice, please do respond to the firm.”

 

 

The FSA also warned that customers have just six years from when they bought the policy – or three years from when they first became aware of the problem – to make a complaint. As a result customers who receive a letter are warned to act promptly, particularly if it is an older policy, to ensure their complaint does not fall foul of any time limit.

 

http://www.telegraph.co.uk/finance/personalfinance/insurance/9125540/PPI-banks-to-invite-customers-to-claim-compensation.html

 

as far as i can see this only applies to acounts mentioned in the sent PPICCL

and the babk must porve they took all resonable steps to investigate the correct address

and repeat the PPICCL letter.

dx

Dont expect a letter from The funding Corporation as they believe despite having pre exsisting medical conditions you can still claim. Pityu their policy paperwork contradicts that. The Financial Ombudsman have also stated that despite a previous ruling in my favour based on medical grounds (claim made to FSCS for Welcome) they are not bound by the decision

i've already said i don't want this thread to turn into a my issue with/how do - please read post.15

and if you read the PDF and the link on the first few msgs

you'll see they actually state that you wont get a letter if a claim has already been started on an existing account.

thank you

dx

siteteam

Hi dx, stupid question I know, banks have to contact customers re PPI, but what about loan companies i.e. GE Money where the loan & PPI has been arranged by a broker? Do the loan company contact customers or is it the responsibility of the broker?

ignore GE and their stupid 'wriggling'

you paid THEM,

by banks they mean ALL financial matters where PPI was sold.

dx

Hi

My view is hat this shouldn't be seen as some "Magic Wand" being waved and all will be hunky dory in PPI land.

Anyone who thinks they may have been mis-sold should be actively pursuing a claim and not waiting for some letter to arrive which, knowing the banks, may never happen.

ims

I wonder if the FSA want to draw a line under this. If the banks write to everyone who was sold PPI and there is a given time line for someone to respond.. then after that time has elapsed then no further claim can be made.

[/indent]

This was my exact thought,all the powers that be including the banks will want a date after which they know the claims will end.I just hope the FOS put pressure on the banks to settle more at the early stages rather than have thousands more cases say waiting for the FOS to pull their finger out.

Ali x