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uSwitch comments on PPI ruling

Price comparison website uSwitch has commented on the recent high court ruling over the mis-selling of payment protection insurance.

The website has claimed that while the ruling is good news for consumers that have been mis-sold PPI, it could be the last strike in terms of re-building confidence in the banking industry.

Stefan Maryniak, credit expert at uSwitch, said: "[This is] great news for the millions of consumers who have been short-changed and mis-sold by the banks. The decision to uphold the revised guidelines is recognition from the courts that the banks are in the wrong.

"At a time when even government owned banks are struggling to regain consumer trust, this announcement could be the final nail in the coffin for the banking sector in re-gaining the public's trust."

He added that even though banks will appeal against the decision, consumers now have the support of the courts.

Yesterday's (April 20th) ruling could result in banks paying out £4.5 billion to consumers.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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