Just a quick post to thank all our customers and agents for your continued support this past year. It’s not been easy with the judicial review causing delays and disruption, but we’ve made our way through it.
We have now claimed more than £1.25m for our clients and hope to continue our success in 2012.
Happy New Year!
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It sadly came as no surprise this week to find that some lenders will not be meeting the deadline of 31st August to process complaints that were submitted before the judicial review.
It seems that some lenders have contacted the FSA and have been granted a further extension of time.
If this is the case – what was the point of the original deadline? Will lenders be able to request even more time?
When will the banks ever be made accountable for their actions?
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The FSA has this week granted an extension to Lloyds TSB, RBS, Barclays & HSBC for dealing with mis-sold payment protection insurance complaints. These lenders now have up to 16 weeks to investigate new complaints: the standard 8 week period will be back in force in January 2012. Cases that were submitted before April 2011 should however be responded to by end August 2011.
We hope that the banks do not abuse this extension of time as historically, many banks took longer than the specified 8 weeks to settle a complaint. Under the guidelines, lenders can respond within 8 weeks to say that they have been unable to provide a final response and keep sending updates until the case is resolved. Does this therefore mean that lenders will now take up to 16 weeks to say “We are sorry that we are not in a position to provide a final response yet….”, and take even longer?
If a lender does not respond within the prescribed time frame, the client has the option refer their complaint to the FOS. However, with the FOS inundated with complaints, this move could mean that the client will wait in excess of 12 months for their complaint to be resolved.
Seems that consumers are yet again stuck between a rock and a hard place, and despite guidelines that are in place, lenders can within reason take as long as they want to resolve complaints.
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The British Bankers Association (BBA) has decided not to appeal against the High Court decision regarding new FSA guidelines for mis-sold payment protection insurance.
We were sure that once Lloyds TSB decided to back down, other lenders would follow.
This is excellent news for consumers – and it’s good to see the favour sway the other way for a change.
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We’re delighted to hear that Lloyds TSB have chosen to re-initiate their mis-sold payment protection insurance complaints. As we chose to wait for the outcome of the judicial review rather than send our complaints to the Financial Ombudsman Service (FOS), we hope that the next few months will bring good news to our patient customers.
We hope that other banks will follow Lloyds TSB’s example and get cracking with their backlog of cases.
We have never understood why many banks mothballed their complaints process as a result of this case – the issue was regarding the new rules set by the FSA and would have involved banks re-opening old cases. However, new complaints should have been handled as normal. Hopefully the FSA will stand by their convictions and fine any lender that continues to allow cases to build up.
Nice to see a victory for the consumer for once!
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We’re delighted that the high court has ruled in favour of the consumer in relation to the judicial review instigated by the British Bankers Association regarding a policy statement issued by the FSA in August 2010 which meant that banks would have to make changes to the way complaints about payment protection insurance (PPI) are handled.
We have many cases in limbo due to the judicial review – some of which were submitted before the judicial review commenced, and yet it has been used as an excuse not to process the cases.
Unlike many other claims management companies – we decided not to refer any of our complaints to the Financial Ombudsman Service (FOS) and as a result, we hope that all the complaints that have been in abeyance since October 2010 will now be processed quickly and our customers will receive their redress.
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Our dedicated Debt Management website has had a face lift. Please visit Debt Resolutions and have a look around.
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Banker’s Bonuses
Why won’t this government get stuck into the banks over bonuses? Much was written about the financial crisis which started in America, fuelled the global financial crisis and has now caused goverment support for the banks to exceed a truly staggering £1 trillion. Still the banks think it is justified to demand huges bonuses for the third year in succession.
Mr Stephen Hester is in line to trouser £7million in pay and perks this year for running Royal Bank of Scotland which was rescued with £20billion of taxpayers’ money.
Mr Eric Daniels, head of Lloyds TSB, is also set receive an equally obscene bonus from another bank which was also saved with billions of pounds of public money.
The Prime Minister claims that he understands public fury at the excess of City fat cats but said it was wrong to “bash the banks”.
How times change. Mr Cameron declared before he was elected prime minister: “For these banks that are owned by the taxpayer, or where the taxpayer has a large stake, it is completely wrong to be paying bonuses. People who work hard and have paid their taxes are seeing billions of pounds of taxes go into these banks and yet large bonuses are still being paid. That’s just wrong.”
However, bankers will share almost £7bn in bonuses because of the government’s massive cash support given to the industry which is now recovering while ordinary people continue to suffer from the credit crunch.
It also appears that basic salaries have been raised by 20% to 40% in order to recover some of the money that may otherwise have been paid out in bonuses.
The horse trading will now allow these bonusues to be paid and in return the banks will agree to lend to corporate and public customers! What else are the banks supposed to do?
Some banks, of course, have not been bailed out by the tax payer and it is within the gift of the the directors and executive of the banks to set their own course on pay and bonuses.
For those banks owned by the tax payer, it seems impossible for the government to exercise a veto. So RBS will be allowed to distribute nearly £1 billion in bonuses. This bank is 82% owned by the tax payer.
Roll on the Goverment’s Spending Review.
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We have now exceeded £360,000 in reclaimed mis-sold ppi for our customers. Please don’t miss out. If you think you or your clients may have been mis-sold Payment Protection Insurance, visit The PPI Claim Company website now for more information.
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We’re proud to announce a new trading style – The PPI Claim Company and new customer-facing website: http://missoldppiclaimcompany.co.uk. Please take a look.
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