Banks challenge PPI compensation rules in High Court - AAD Consumer Forum

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5corpio started a blog post Banks challenge PPI compensation rules in High Court
24 January 2011, 17:19

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Banks challenge PPI compensation rules in High Court

Banks challenge PPI compensation rules in High Court

The Financial Services Authority (FSA) is being challenged in the High Court over compensation for the mis-selling of payment protection insurance (PPI). The UK's banks say new FSA rules are "wrong in law" because they are retrospective. They require firms to review past sales, which could lead to compensation worth £2.7bn being paid to 2.75 million people.

The judicial review starts in the High Court on Tuesday.

"The FSA is trying to impose new standards on past sales," said a spokesman for the British Bankers' Association (BBA).
This was rejected by the FSA, whose spokesman said: "These principles have been in place for a very long time and are nothing new."

PPI polices are supposed to repay people's loans if their income drops because they fall....Read More Here
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1 comment
- #1
  
  5corpio commented
  
  24 January 2011, 17:37
  
  Editing a comment
  
  Copy of the Letter sent from the FSA to the trade associations of those firms that have sold payment protection insurance
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