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News

PPI Ruling Maintained – Banks Facing PPI Bill Of Up To £4.5bn

In news that will be welcome to anyone who was missold payment protection at one time or another, the British Bankers Association has not succeeded in it’s bid to have the new FSA regulations regarding mis-selling be over-turned, following the high-court judge throwing out their claim.

The Financial Services Authority – which alongside the Financial Ombudsman Service was the subject of the case – were suitably pleased with the result, noting that they believed ‘this decision signals the end of years of poor complaint handling and will trigger a dramatic improvement in the way customers are treated when complaining.’

The BBA issued their own statement on the issue, noting that ‘Whilst the UK banking industry has to date implemented every reform on PPI sales and complaints handling required by the regulators, the additional requirements in the policy statement effectively apply new standards to past sales, which we believe go beyond the rules and regulatory requirements which were developed by the regulator over time.’

Since PPI was first regulated by the FSA in 2005, there have been more than 1.5 million complaints registered against institutions selling the insurance, with the vast majority that have gone to the Ombudsman service being upheld. It is telling that 60% of the complaints that are made directly to the provider are dismissed, noting that the banks clearly have their own views on what constitutes mis-selling.

The FSA has estimated that PPI providers may now may out as much as £.1.3bn in compensation over the next five years as a result of new complaints following the ruling.

To find out how you could claim up to £25,000 in missold payment protection, visit the Creditline Financial website now by clicking the link here.

Posted by Shaun Edwards on 27 Apr 2011

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