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PPI Rules ‘Unlawful’ According to BBA

The latest news from the world of missold payment protection has revealed that the British Banker’s Association has leveled an ‘unlawful’ accusation at both the Financial Services Authority and the Financial Ombudsman Service as a result of new laws brought in during December.

In the test case between the BBA and the FSA/FOS, the latter organizations had declared to Justice Duncan Ouseley that should the banks admit mis-selling PPI that they should have to compensate customers accordingly.

However, Lord Pannick of Radlett QC had claimed that if only 20% of customers who took out the 6.5 million PPI policies were to make claims on misselling then the compensation for the missold payment protection could end up reaching a potential £3.2 billion.

Lord Pannick that added that this could potentially lead to the liquidation of at least 35 insurance firms, and this could adversely affect the FSA’s own compensation scheme, potentially costing the Authority up to £35 million. He did concede that the banks recognized that where PPI policies had been mis-sold that it was necessary for compensation to be paid.

With the new laws that were introduced previously, the estimated figures show that up to 2.75 million people could end up being eligible for compensation of up to £1800 each as a result of missold PPI.

The bank is currently arguing that both organizations had made errors of law in introducing the new rules.

For more of the latest information from the world of missold payment protection insurance, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 08 Feb 2011

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