Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......
The banks have always had to have regard to ICOB and ICOBS. The JR now means that they also have to have regards the Principles.
For example - from the judgment:
''There is no specific ICOB rule which prohibits the selling of a PPI policy to someone who can never claim under it, even where the seller knows that to be the case. Such conduct would be covered by Principles 1, 3 and 6.''
I suspect that First Direct were saying that in their view there was no breach of ICOB or ICOBS but there could have been a breach of the Principles.
Originally posted by pompeyfaith
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For example - from the judgment:
''There is no specific ICOB rule which prohibits the selling of a PPI policy to someone who can never claim under it, even where the seller knows that to be the case. Such conduct would be covered by Principles 1, 3 and 6.''
I suspect that First Direct were saying that in their view there was no breach of ICOB or ICOBS but there could have been a breach of the Principles.
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