BBA statement as banks Cave In over on PPI appeal

The British Bankers’ Association (BBA) has issued the following statement regarding its judicial review of new rules from the Financial Services Authority (FSA) on handling Payment Protection Insurance (PPI) complaints:

“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.”

Also today, Barclays has confirmed that it will begin to process all on-hold and any new complaints from its PPI customers as “quickly as practicable”.

The bank is making a provision to cover the cost of future redress and administration of £1 billion in the second quarter 2011.

Last week, Lloyds Banking Group announced that it had made a £3.2 billion provision for potential costs of customer contact and/or redress over sales of PPI.

RBS has so far held back on publishing a figure but says its PPI redress costs will be “material”.

We are encouraged to see this report, and feel that is now even more important if you feel that you have a mis-sold PPI policy to make a claim. By filling in our quick questionnaire we will call you back to see if you qualify

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

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