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Banks and regulators look to bring curtain down on PPI


citizenB
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It was my understanding that they were ordered by the FSA to write to all customers to whom they had sold PPI whether or not a claim might follow.

 

From what I understand they didnt do this.. so why should they now be let off the hook ?

 

 

The banking industry and the Financial Services Authority are in talks to set a new cut-off date to put an end to the continuing multibillion-pound stream of claims for the mis-selling of payment protection insurance.

 

Industry sources confirmed that the British Bankers’ Association has suggested a deadline of around next summer in return for the banks agreeing to finance a widespread advertising campaign to ensure that the public is aware of an end-date for claims.

Read more :-

http://www.thetimes.co.uk/tto/business/industries/banking/article3658853.ece

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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So the government is bowing once again to the banks demands. There is something that we aren't being made aware of, some kind of hold the banks have over the government, there can be no other explanation why they seem to continually bow down and go out of their way to help them even to the detriment of the public.

 

Maybe they are in the banks pockets or on a promise of a high bonus job when they get ditched at the next general election.

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It was my understanding that they were ordered by the FSA to write to all customers to whom they had sold PPI whether or not a claim might follow.

 

From what I understand they didnt do this.. so why should they now be let off the hook ?

 

 

 

Read more :-

http://www.thetimes.co.uk/tto/business/industries/banking/article3658853.ece

 

OK,then let's reduce statute barred from 6 years to 1 year so its a level playing field

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OK,then let's reduce statute barred from 6 years to 1 year so its a level playing field

 

 

I'm not sure I understand what you mean there, what has reducing the SB period got to do with it

and where did this 1 year come from ??

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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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AOL headlines, The City watchdog has confirmed it is in talks with banks about potentially imposing a cut-off point for people to complain about payment protection insurance (PPI) mis-selling.The Financial Services Authority (FSA) said it had been approached by the British Bankers' Association (BBA) to discuss the potential for a time limit in return for the banking industry funding widespread advertising to raise awareness and ensure people know how to complain.

 

Reports have suggested the deadline could be as early as May 2014 but a spokeswoman for the FSA said that no time limits have been pencilled in at this stage and discussions are still in their very early stages.

 

The FSA said it would need to be convinced that the proposals are in consumers' best interests before anything like this were to happen. There will be no changes to its rules without a full public consultation, said the FSA.

 

About £13 billion has been put aside by financial institutions to compensate customers for mis-sold PPI policies and the scale of the scandal continues to spiral beyond expectations.The FSA's statement said: "

 

Our key priority is to ensure consumers are protected, so the FSA board would need to be convinced that any proposals would be in the interests of consumers. We have had initial discussions and are prepared to consider the merits of this and other options.

 

A key consideration will be the potential to get compensation to more consumers, more quickly."The statement said the FSA will continue to hold discussions with the BBA as well as talking to consumer groups.

 

It said: "No changes to existing FSA, or future Financial Conduct Authority (FCA), rules would take place without a full public consultation."Condemnation came from consumer groups as speculation mounted over the proposals earlier this week.

 

Martin Lewis, creator of MoneySavingExpert.com, said previously that it would be "immoral" to put a deadline in place as early as next summer.Which? chief executive Peter Vicary-Smith said: "It's in everyone's interest to draw a line under this scandal and time limit cut-offs already exist for PPI claims."

 

Before even thinking about a new time bar, the banks should be proactively contacting their customers and making it as easy as possible for people entitled to a legitimate refund to claim back their money, without any hassle

Edited by citizenB
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blimey...

 

add some line breaks!!

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I will merge this thread with one that was started originally.

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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  • 3 months later...
Hi citizenB, May i ask if any banks have contacted you as yet? mine have not! Regards Ro

 

 

No, none of the banks have made any contact.. however, I have already made claims for Hubby on 4 of his.

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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