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BBA orders review of PPI complaints measures

The British Bankers Association (BBA) is set to challenge new regulations which stipulate how banks must handle complaints about payment protection insurance (PPI).

The BBA has asked the High Court to carry out a judicial review on new rulings from the Financial Services Authority (FSA) which are due to come into effect by the end of the year.

Banks would be required to review past complaints about the mis-selling of the policies to identify any flaws in their practices, while they would also receive guidance on compensation and complaints handling.

Although it is currently unclear what aspect of the new guidelines the BBA is set to challenge, it is unhappy that retrospective action could be launched from old complainants which could cost the banks up to £2.7 billion in compensation.

Peter Vicary-Smith, Which? chief executive, claimed BBA's members should "ask why they continue to wage this ridiculous war on consumers".

He said: "It makes you wonder what planet the banks are living on. Not content with the billions they have made from this over-priced, flawed and frequently mis-sold product, the banks now seem to be trying to wriggle out of implementing changes that would ensure consumers are treated fairly. "

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800109775-ADNFCR

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