British Banking Association Have Lost Judicial Review With Regard To the Mis-Selling Of PPI

The British Banking Association launched a judicial review over the new rules on how complaints about payment protection insurance (PPI) should be handled by a bank in January 2011 and the review has been continuing until today when the Gavel dropped in favour of the consumer.

Sadly it is not completely over as the BBA still has the right to appeal against the high court ruling which will mean many more months in court. The appeal must be made by the 10th of May.

UPDATE

Judgment was handed down by the High Court Judge in London on 20 April 2011, following the legal argument or a (”judicial review”) brought by the British Bankers Association (BBA) on behalf of most of the large high-street banks – against the Financial Ombudsman Service and the FSA on the approach to handling PPI complaints.

The judgment endorses and underlines the approach taken by the ombudsman and the FSA. The British banking association have 21 days to consider whether to exercise their rights to appeal.

The Financial Ombudsman Service is being presented with and asked to deal with large volumes of Payment Protection Insurance complaints from

unhappy consumers. Since the BBA launched its legal challenge in October 2010, the FOS has been receiving up to 2,500 PPI complaints each week.

The distinct lack of co-operation and deliberate dragging of feet from some banks and lenders has made it virtually impossible to notice any progress PPI cases during this period. We have also noticed that there has been a noticeable increase in paperwork sliding in some cases for very little or no obvious reason.

However, this Absolutely Clear judgment means that Banks and other financial institutions should now be in the position to deal quickly, efficiently and fairly with their customers’ PPI complaints.” As set out by the rules of the FSA and enforced by the FOS. We wait with baited breath to see if the Banks and lenders will immediately start processing claims again.

BBA statement as banks Cave In over on PPI appeal

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