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PPI refunds: Compensation 'should be swift'

A consumer panel has said that PPI refunds should be given to those mis-sold payment protection insurance swiftly.

It was recently announced that the British Banker's Association will not be perusing any further legal action over the high court ruling that stated they must compensate consumers that were mis-sold PPI.

Adam Phillips, from the Financial Services Consumer Panel, welcomed the decision that banks will be giving out PPI refunds to consumers.

He said: "We are pleased that the banks have finally accepted the judge's decision, but we remain very concerned about the delays and long running legal action.

"Consumers who have been mis-sold have had to wait far too long for compensation. We hope that the decision by the banks is a sign of a new approach to their relationship with consumers."

Mr Phillips added that he would welcome a timetable from the British Banker's Association to make sure that compensation does not "drag on indefinitely".

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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