PPI judgement welcomed by FSA but disappoints banks
The Financial Services Authority (FSA) has welcomed the High Court’s dismissal of the British Bankers’ Association’s (BBA) legal challenge to its payment protection insurance (PPI) measures.
Following the judgement from the High Court the FSA said its primary aim had always been to get proper redress for those with genuine complaints.
The regulator stated it believed the decision would lead to an improvement in the way customers were treated when complaining.
It added that there have been more than 1.5 million complaints made about PPI since it took over regulation of the product in 2005 and that while, on average, firms had rejected around 60% of the complaints made to them, the
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