Calls for banks to settle PPI claims swiftly
The Financial Services Authority (FSA) has welcomed the decision by the British Bankers’ Association (BBA) and Nemo Personal Finance (Nemo) to accept the High Court’s dismissal of their legal challenge to the FSA’s payment protection insurance (PPI) measures.
The FSA said that banks must now get on with handling all PPI complaints and paying redress where appropriate and claimed it was ready to work with them on the practical implications of this.
It also claimed that today signaled the end of years of poor PPI complaint handling and predicted the banks’ decision would trigger a dramatic improvement in the way customers are treated when making complaints.
There have been more than 1.5 million complaints made about PPI since the FSA took over
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