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Mis-sold PPI appeal fails to reach Supreme Court

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An appeal brought to the Supreme Court by consumers over the mis-selling of payment protection insuranc (PPI), which could have had huge implications for the credit industry, has been withdrawn.

 

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http://www.credittoday.co.uk/article/14309/online-news/mis-sold-ppi-appeal-fails-to-reach-supreme-court

 

Lord Justice Tomlinson in the Court of Appeal ruled that a broker selling PPI products is under no obligation to advise a consumer that the same cover is available more cheaply through another provider.

 

The withdrawal of the appeal also means that any claim made in the future against a lender or intermediary alleging that PPI was expensive or overly costly at the time of purchase would fail, according to legal practice Squire Sanders.


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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Does this have any implications fro reclaiming ppi generally, or just in a specific narrow field, i.e. proving a further trail of liability?

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Just for that specific area.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Claims alleging payment protection insurance mis-selling must show that the claimed breach of ICOB or ICOBS has caused the borrower actual loss (in the legal sense). Any claimed loss must not be too remote and borrowers must show they have mitigated their losses: simply claiming a refund of the sums paid for the payment protection insurance is not enough.

Now the appeal has been withdrawn, these stays can be lifted and directions can be given for trial. Alternatively, lenders and intermediaries could apply to strike-out claims which are no longer viable.

More on this here:

 

http://www.squiresanders.com/files/Publication/ee296f77-2bc7-4024-b9c7-0a656c7e0700/Presentation/PublicationAttachment/06f83720-24e6-4a48-8258-0b66257cabe4/The-Final-Countdown-PPI-Appeal-Withdrawn-From-Supreme-Court.pdf


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