Judicial Review Outcome Spells Good News For PPI Claims
Consumers who have been mis-sold unnecessary or unwanted payment protection insurance on lending products have been given a boost, following a ruling by the High Court in the latest battle between the British Banking Association and the Financial Services Authority.
(3 May 2011) - - Consumers who have been wrongfully sold payment protection insurance by banks have been given a significant boost, following the outcome of the recent High Court judicial review hearing brought by the British Banking Association.
Brought to contend rules introduced by the FSA which forced banks to approach consumers who had been mis-sold PPI even where no PPI claims have been raised, the case was dismissed by the High Court, and banks must continue to be proactive in their efforts to compensate consumers who have been mis-sold or face FSA enforcement measures.
Eric Wiseman, a spokesperson for PPI claims specialists SimplicityClaims.co.uk, said that while the BBA might still appeal the decision, banks in the interim had no choice but to actively pursue a compensation agenda on behalf of those consumers wrongfully mis-sold.
“The payment protection insurance saga has resulted in a long-running dispute between the British Banking Association and the FSA. With the verdict from judicial review, consumers and PPI claimants alike now have the benefit of peace of mind in knowing that banks must continue to adopt proactive compensation measures, and that PPI claims must continue to be dealt with in an effective, satisfactory way.”
“While the banking industry has shown considerable resistance to FSA efforts to impose rules for tackling PPI claims, the High Court’s decision puts an end to uncertainty for the time being, and solidifies the rights of consumers in being compensated for any mis-selling that took place. As a result, the verdict marks a good day for PPI claimants, and for those consumers that are yet to be made aware of their potential exposure to and compensation from the mis-selling of payment protection insurance.”
SimplicityClaims.co.uk helps consumers process PPI claims in respect of payment protection insurance wrongfully sold alongside loan or credit card products.
SimplicityClaims.co.uk is a PPI claims management agency, helping consumers wrongfully sold payment protection insurance seek redress. Fully regulated by the Ministry of Justice, SimplicityClaims.co.uk assists consumers nationwide in processing PPI mis-selling complaints, with no upfront fees or hidden charges.
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