PPI Judicial Review – Source ‘Which?’
Which? published an advert in The Times on 5 May calling on members of the British Bankers’ Association to admit defeat over the PPI judicial review. They did so on 9 May.
Between 25-28 January 2011, the British Banker’s Association (BBA) went to court with the Financial Services Authority (FSA) and Financial Ombudsman (FOS) over the mis-selling of PPI policies.
On 20 April 2011 a high court judge ruled that the BBA lost their case over complaint handling rules on Payment Protection Insurance (PPI).
On 9 May 2011 the British Bankers’ Association announced that it would no longer appeal the ruling of the high court, meaning that the banks must continue to compensate consumers if they were mis-sold PPI.
Judicial Review – a win for consumers
Which? is delighted with this outcome. Which? chief executive Peter Vicary-Smith said:
‘We’re delighted that the BBA has at last seen sense. Hopefully this will be a watershed moment in how banks treat their customers.
We’re calling on members of the BBA to respond to the complaints they may have had on hold as a matter of urgency.
No excuses to delay compensation
There are now no excuses to delay compensating those who were mis-sold this insurance product and we’d encourage anyone yet to complain to get their complaint in to whoever sold them the product and to take their complaint to FOS if the are unhappy with the response.
We hope this outcome sends a clear signal to the banks that they must move on from PPI, cannot get away with poor complaints handling, and must pay up to the roughly two million consumers who have been mis-sold.