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The Low Down on ppi News announced today:
Payment Protection Insurance - complaints handling:
In today's press release, the British Bankers Association (BBA) advise that their members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If your complaint will be impacted by the judicial review, and cannot be resolved at this point, then your bank will write to inform you.
We are presently reviewing the judgment very carefully and considering whether to pursue an appeal. Until we have decided whether or not to pursue an appeal, any complaints that are directly affected by the judicial review and can not be.....Read more Here
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This morning at 10am Mr Justice Ouseley dismissed the judicial review brought on behalf of the British Bankers Association (BBA) and its members against the FSA's complaints handling guidance around the misselling of payment protection insurance.
The new guidance came into force in December, but the BBA sought to challenge the rules on the basis that the new principles and guidance should not apply retrospectively. This, the BBA argued, would see the application of new standards to cases which pre-dated the rules and would force them to review past cases even where customers had not complained, potentially costing the industry £4.5 billion. However, the court appears to have accepted the FSA 's argument that the spirit of the new guidance did not fundamentally alter the previous position as banks and other sellers of PPI were under a duty to......Read more HERE