Important News

Consumers Win High Court Ruling in PPI Claims

A Judicial Review has recently taken place with regard to Payment Protection Insurance. This was due to the fact the British Bankers Association believe new standards set by the Financial Services Authority (FSA) as to how PPI complaints should be handled are incorrect and that the provisions go beyond the rules and requirements in force at the time of the sales. The FSA state they have not altered standards and simply clarified how all sales should have been dealt with in any event.

Clarification was therefore sought from the Courts in this regard and in respect of complaints handled by the Financial Ombudsman Service (FOS). It was confirmed on the 20th April 2011, that the Banks will need to review all claims for PPI using the standards provided by the FSA. This meaning that many people who obtained loans and were mis- sold PPI should be entitled to a refund. This is a victory for Consumers who should ensure they obtain any monies due to them as a result of the banks mis- selling regarding PPI.