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Banks consider suing FSA to avoid PPI claims

Banks including Barclays, Lloyds TSB and Royal Bank of Scotland are considering making a legal challenge against new rules introduced by the City regulator that could result in more payment protection insurance (PPI) claims.

According to Sky News' Mark Kleinman, the nation's biggest banks have been discussing the possibility of whether to pursue a judicial review of the Financial Services Authority's revised PPI regulations.

Insiders told the him that movement will be seen in the next fortnight if the banks – through the British Bankers' Association – decide to present their case.

"A challenge could come as early as next week through a 'pre-action' notice that would be served on the FSA and seek to force all pending PPI complaints to be put on hold," Mr Kleinman wrote.

Such a move could be devastating for consumers currently preparing to make PPI claims against a provider for mis-selling them the insurance.

Recently, the Supreme Court ruled in favour of the banks over consumers in relation to bank charges, with thousands of claims frozen for the duration of the case then subsequently dismissed once the judicial review was complete.

Posted by Charles Baker
Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800060642-ADNFCR

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