Banks and regulators look to bring curtain down on PPI

[citizenB]

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

[Conniff]

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.

[alisindebt]

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

[Conniff]

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 ??

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?378961-MoneySavingExpert-slams-as-immoral-PPI-claims-deadline-proposal

[ro284]

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 January 20, 2013 by citizenB

[fletch70]

Again it's a headline. Lets wait and see if proposals happen and then take whatever action is needed.

[dx100uk]

blimey...

 

add some line breaks!!

 

dx

[citizenB]

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

[ro284]

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

[citizenB]

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.