Banks lose PPI legal challenge
The High Court has ruled in favour of the approach taken by the Financial Ombudsman Service (FOS) and Financial Services Authority (FSA) in the handling of payment protection insurance complaints.
The British Bankers Association (BBA) had issued the legal challenge on behalf of a number of high street banks and argued that both the FSA and the FOS had exceeded their powers by relying on the FSA's high-level principles for business to establish standards for the sale of PPI and for how complaints should be decided.
The banks have 21 days to consider whether to appeal.
After the decision the ombudsman service pointed out that it continued to handle large volumes of PPI complaints and that
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