PPI News-Banks Lose Judicial Review

The UK banking system lost a judicial review that could have a tremendous adverse impact on whether more compensation has to be paid on mis-sold loan insurance(PPI).

Even if consumers have not complained, banks must go back over the mis-sold insurance with the consumer.

Some estimates have placed this to be a £4.5bn bill for the banks.

Thousands of people have already received compensation because they were mis-sold PPI policies, which were represented to repay consumers’ loans if their income drops because they become ill or lose their jobs.

The banks challenged the Financial Services Authority (FSA) over guidelines it published last year which said banks should contact all past PPI customers and invite them to complain if they thought they had been mis-sold PPI. The banks lost this challenge.

For those who think they were mis-sold PPI, they should complain to the bank or loan provider that sold it. If, after eight weeks, there is no response, or the recipient is unhappy with the response, then a complaint can be made to the independent Financial Ombudsman Service.

High Court judge Mr. Justice Ouseley rejected a challenge in a judgment on Wednesday wherein he said the ombudsman’s approach is right.

It is Possible To Claim Back All Your  PPI Yourself. Just Take A Look HERE.

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