FSA regulatory approach under threat as BBA launches review

eric-leenders-bba

The Financial Services Authority's (FSA) principles-based approach to regulation has come under threat from a legal challenge brought by the British Bankers' Association (BBA).

According to law firm Davies Arnold Cooper, the FSA has the most to lose in the judicial review instigated by the BBA into how payment protection insurance (PPI) claims should be handled.

The review was called when the BBA filed papers at the High Court questioning the FSA's policy this summer, which came into force on 1 December. It also queried the Financial Ombudsman Service's approach to the issue.

The BBA has argued that the FSA has been using standards from its high-level Principles for

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: