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News

Banks To Challenge PPI Rules

This week, the UK’s major banks will begin their challenge to the High Court regarding new rules that have been implemented by the Financial Services Authority, in a case that will have a huge impact on the area of missold payment protection.

After the new regulations came into force in December, the British Banker’s Association launched a judicial review against both the FSA and the Financial Ombudsman Service regarding the rules that are designed to ensure consumers are treated fairly when purchasing PPI as well as when they make complaints regarding it’s mis-selling.

As part of the regulations, providers of the insurance will now have to talk potential policy holders through the key aspects of a policy, as opposed to simply handing them a document charting the facts as was common practise before. They’re also expected to provide evidence that the customer was made clearly aware that the PPI was optional when taking out the cover.

The main complaints from the providers is that the new rules are to be applied to complaints made before the new system was brought in, the BBA noting that it was the same principle as having a 30mph road limits, which was changed to 20mph and then handing out tickets to those who drove above 20 before it was limited.

Missold payment protection has become one of the most controversial financial scandals in UK history, with over 2,600 complaints being made to the FOS in the last week alone.

No doubt all eyes will be on the High Courts this week to see how the issue is decided.

For more information on missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 24 Jan 2011

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