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Banks face £4bn blow for PPI mis-selling
http://www.thisismoney.co.uk/credit-...ge_id=506&ct=5
Banks could be forced to reopen tens of thousands of mis-selling complaint cases over payment protection insurance and pay compensation of more than £4bn following a legal investigation.
Read more:
Even consumers who have never complained about the sale of a policy with a loan or a mortgage could find themselves being contacted by their provider and offered compensation.
A judicial review brought by the banks against the Financial Services Authority and Financial Ombudsman Service began last week at the High Court. The banks argue that the criteria the watchdogs are using to decide on complaints is more onerous than the rules that were in force at the time the insurance policies were sold. They say it is unfair to apply the rules retrospectively.
Read more: http://www.thisismoney.co.uk/credit-...#ixzz1CYTyBBZu
For more on this click on the above link.
http://www.thisismoney.co.uk/credit-...ge_id=506&ct=5
Banks could be forced to reopen tens of thousands of mis-selling complaint cases over payment protection insurance and pay compensation of more than £4bn following a legal investigation.
Read more:
Even consumers who have never complained about the sale of a policy with a loan or a mortgage could find themselves being contacted by their provider and offered compensation.
A judicial review brought by the banks against the Financial Services Authority and Financial Ombudsman Service began last week at the High Court. The banks argue that the criteria the watchdogs are using to decide on complaints is more onerous than the rules that were in force at the time the insurance policies were sold. They say it is unfair to apply the rules retrospectively.
Read more: http://www.thisismoney.co.uk/credit-...#ixzz1CYTyBBZu
For more on this click on the above link.
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