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Letter to Martin Wheatley.docLetter to Tony Boorman.doc
I would like to thank Niddy for allowing me to post this.
There is growing evidence that MBNA have selected a method of redress for PPI claims which is not consistant with the regulators view of how redress is calculated. This appears to affect post summer 2012 claims.
Indeed regulator compliant calculations are giving redress totals of up to 50% more than MBNA do.
The calculations MBNA are using are dressed up to look regulator compliant. So much so they are appearing to fool FOS adjudicators and indeed some Ombudsmen. They are difficult to explain so I wont just yet.
Why are they fooling FOS?
Because it seems FOS only need positive assertion that the calculations are correct. There appears to be little or no actual checking of figures. They only need MBNA to say they are compliant then they are accepting this as ok.
Where we need peoples help is to send a letter to both the heads of the FCA/FOS to alert them to a potential problem as many of the claims will be just starting to stir at FOS. (This however will not include anyone who didnt check their redress was something like it should be. Your only way to pull this out of the fire will be to hope we get a general re calculation)
The attached letter is designed for anyone to send who has an interest in fairness to consumers. It is designed to get a high level response from one or both organisations. It is only supposed to open up a communications channel on behalf of everyone who may have suffered. We will try and do the rest.
Because of the way these organisations are set up we need numbers to get them to talk to us on behalf of consumers. And this is where anyone with a bit of time 2 stamps and a printer could help bring a bank to account. Even people without claims but a sense of fairness are invited to help us.
So please please please if you are reading this send to Mr Wheatley and Mr Boorman. They wont be able to say they havnt been invited to talk to us in the future if this blows up as it has the potential to do. If contact is initiated all you have to do is pass them to me or Bill K.
Many thanks for anyone who decides to help.
I would like to thank Niddy for allowing me to post this.
There is growing evidence that MBNA have selected a method of redress for PPI claims which is not consistant with the regulators view of how redress is calculated. This appears to affect post summer 2012 claims.
Indeed regulator compliant calculations are giving redress totals of up to 50% more than MBNA do.
The calculations MBNA are using are dressed up to look regulator compliant. So much so they are appearing to fool FOS adjudicators and indeed some Ombudsmen. They are difficult to explain so I wont just yet.
Why are they fooling FOS?
Because it seems FOS only need positive assertion that the calculations are correct. There appears to be little or no actual checking of figures. They only need MBNA to say they are compliant then they are accepting this as ok.
Where we need peoples help is to send a letter to both the heads of the FCA/FOS to alert them to a potential problem as many of the claims will be just starting to stir at FOS. (This however will not include anyone who didnt check their redress was something like it should be. Your only way to pull this out of the fire will be to hope we get a general re calculation)
The attached letter is designed for anyone to send who has an interest in fairness to consumers. It is designed to get a high level response from one or both organisations. It is only supposed to open up a communications channel on behalf of everyone who may have suffered. We will try and do the rest.
Because of the way these organisations are set up we need numbers to get them to talk to us on behalf of consumers. And this is where anyone with a bit of time 2 stamps and a printer could help bring a bank to account. Even people without claims but a sense of fairness are invited to help us.
So please please please if you are reading this send to Mr Wheatley and Mr Boorman. They wont be able to say they havnt been invited to talk to us in the future if this blows up as it has the potential to do. If contact is initiated all you have to do is pass them to me or Bill K.
Many thanks for anyone who decides to help.
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