Banks lose PPI legal challenge

High Court London

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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