Bankers challenge FSA over PPI
The Financial Services Authority’s (FSA) principles-based approach to regulation has come under attack from the British Bankers Association (BBA).
The BBA has instigated judicial review proceedings against the FSA in respect of its policy statement about how payment protection insurance (PPI) complaints should be handled and against the Financial Services Ombudsman (FOS) in respect of the guidance it uses when assessing PPI complaints.
A judicial review challenges the lawfulness of a decision made by a public body.
The BBA claims that both the FSA and the FOS have exceeded their powers by relying on the FSA’s high-level principles for
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