The initial stage of the judicial review concluded on Friday 28th January 2011. The judge has not given his final decision but is expected to give this in the next few weeks (no date has yet been set). Although it is impossible to guess what the judge’s final decision will be, many of the observers at the hearing have concluded that he is likely to find in favour of the FSA (which is great news for you the consumer!). We will update this site as soon as the final decision is reached.
So where does this leave current claims? Our stance remains that anyone who has a complaint about the possible mis-selling of their PPI policy, whenever it was taken out, should make a claim AS SOON AS POSSIBLE. With all the confusion over whether a claim can, or should, be put on hold we believe the best course of action, for anyone who is not confident about dealing with their claim themselves, is to use a Claims Management Company. Not only will our services be as up to date as possible but we will also know what compensation you are entitled to and will not just accept any offer that is made, if it is not correct.
If you want to ensure you are getting the full refund you are entitled to, as quickly as possible, make sure you have the right people on your side. Claim 2 Gain are the right people on the right side when you need them most. Don’t delay, make your claim today.
OCTOBER 2010
The financial services regulator, the Financial
Services Authority (FSA), has set in place new guidelines to protect consumers
who have been mis-sold Payment Protection Insurance (PPI). On the 1st December 2010, new rules and
guidelines will be set in place on how financial services companies must deal
with complaints made by consumers who believe they have been mis-sold PPI
policies connected to loans, credit cards, hire purchase agreements or
mortgages.
However, some major High Street banks argue that these
new rules are too far reaching and believe that restrictions on what they cover
should be put in place.
The British Bankers Association (BBA) has therefore
asked for a judicial review of how these rules will affect claims against
them and have released a statement confirming that its member banks will
continue dealing with complaints that are not affected by the judicial review.
What the BBA has failed to confirm is exactly which cases are affected by
the judicial review and which are not and are therefore expected to be
investigated as normal.
We at Claim 2 Gain Ltd are already receiving letters
from some of the major banks, including RBS, MBNA, and HSBC Group, informing us
that they are putting claims on hold until the court action is resolved.
However, they are also failing to explain why they think the cases are affected
by the judicial review or, indeed, why complaints should be delayed at all
since the rules that they are challenging have not yet officially come in to
effect.
It is our understanding that the judicial review will
start in the early part of 2011 and will continue until Easter of 2011 at
least. The confusion over whether claims are being dealt with or being
put on hold will undoubtedly continue, however we are extremely confident that
the Financial Ombudsman Service (FOS) will continue to deal with complaints as
they are informing us that it is “business as usual” at the FOS.
We will of course continue to update our site as and
when any developments occur in the judicial review and we will continue to
challenge the sale of PPI policies whenever and wherever we feel they have been
mis-sold.
If you think you have a claim (or want to check whether you were sold PPI WITHOUT your knowledge) contact us TODAY.
