FSA rules for handling PPI complaints
A judgement was upheld 20 April 2011 which will help consumers who were miss-sold PPI policies. The British Bankers’ Association (BBA) were given until 10 May to appeal, they have decided not to it was announced today. Many high street banks are going to provide for repayment. The Financial Services Ombudsman have reported receiving up to 5,000 complaints each week.
The BBA said:
“The BBA on behalf of its members judicially reviewed the FSA and the FOS regarding the retrospective elements in the proposed FSA rules for handling PPI complaints. The judgement was handed down on 20 April 2011 and found in favour of FSA and the FOS. The BBA was given until 10 May 2011 to appeal.
“In the interest of providing certainty for their customers, the banks and the BBA have decided that they do not intend to appeal.
“We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities.”
Have you ever paid PPI?
Around 90% of all loans, car finance, Hire Purchase, Credit and Store cards have had Payment Protection Insurance added, this insurance is supposed to cover you if you become sick or come out of work and can’t keep up the payments on the card or loan.
High Street banks
Barclays have decided to pay. Lloyds Banking Group have set aside £3.2 billion and are pledged to settle Payment Protection Insurance claims.