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Legal challenge will put PPI claims 'on hold'

The upcoming judicial review of proposed payment protection insurance (PPI) regulations will put complaints about the policies on hold, according to reports.

Last week, industry trade body the British Bankers' Association (BBA) asked the High Court to review potential changes to the way in which complaints about PPI are handled.

The rulings, proposed by the Financial Services Authority, could result in banks paying a substantial amount of compensation as the new legislation could be applied retrospectively.

However, The Daily Mail has revealed that any complaints currently being processed could be put on ice as banks will wait until the case is resolved.

A spokesman for the BBA claimed the banks felt it necessary to challenge the proposals.

They said: "It has unfortunately been necessary to do this because there is insufficient legal clarity about what the FSA and ombudsman are proposing. No one wants to go to court but the law needs to be clear."

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800114849-ADNFCR

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