Dear Mr Osborne
Re : Immediate Settlement of All PPI Claims
On behalf of the British Public I order you to immediately FORCE BANKS TO PAY-OUT PPI NO QUESTIONS ASKED if a Claimaint has a a policy that Conforms to the Defintition of PPI given by Financial Services Authority
The FSA define Payment Protection Insurance as 43A non-investment insurance contract which has elements of a general insurance contract and the benefits of which are described as enabling a policyholder to protect his ability to continue to make payments due to third parties, or can reasonably be expected to be used in this way.
For ease of reference http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/P?definition=G2560
1. FSA define Non-investment Insurance Contract as non-investment insurance contract
33a contract of insurance which is a general insurance contract or a pure protection contract but which is not a long-term care insurance contract.
For ease of reference http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/N?definition=G1357
2. FSA define General Insurance Contract as general insurance contract
(in accordance with article 3(1) of the Regulated Activities Order (Interpretation: general)) any contract of insurance within Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance), namely:
(a) accident (paragraph 1); (b) sickness (paragraph 2); (c) land vehicles (paragraph 3); (d) railway rolling stock (paragraph 4); (e) aircraft (paragraph 5); (f) ships (paragraph 6); (g) goods in transit (paragraph 7); (h) fire and natural forces (paragraph 8); (i) damage to property (paragraph 9); (j) motor vehicle liability (paragraph 10); (k) aircraft liability (paragraph 11); (l) liability of ships (paragraph 12); (m) general liability (paragraph 13); (n) credit (paragraph 14); (o) suretyship (paragraph 15); (p) miscellaneous financial loss (paragraph 16); (q) legal expenses (paragraph 17); (r) assistance (paragraph 18).2
Mr Osborne No questions were asked when we Bailed Out the Financial System. The Banks should Not be asking questions if a Complaintant has a ppi Policy as defined by FSA and should immediately settle.
This may cost more than the £5 Billion the British Bankers Associations claimed in their Judicial Review Claim No : CO/10619/2010 claimed it would cost the British Banking Industry but if you are true to your word that you want to get the Economy moving again, getting the Banks to settle the Millions and Millions of claims still outstanding will immediately get Money Back into the pockets of ordinary citizens.
All replies to this Blog will be issued as a Petition for you to immediately FORCE BANKS TO SETTLE.
Why should ordinary citizens after 1 year still be waiting for compensation and possibly wait perhaps another year while the Financial Ombudsman deals with a huge back-log of cases, due to Banks simply refusing to settle cases Immediately
PLEASE DO SOMETHING MR OSBORNE